Sec. 1026.159. DEPOSITORY. (a) The board shall select one or more banks inside or outside the district to serve as a depository for district money.
(b) District money, other than money invested as provided by Section 1026.160(b) and money transmitted to a bank for payment of bonds or obligations issued by the district, shall be deposited as received with the depository bank and shall remain on deposit.
(c) This chapter, including Subsection (b), does not limit the power of the board to place a part of district money on time deposit or to purchase certificates of deposit.
Added by Acts 2007, 80th Leg., R.S., Ch. 920 (H.B. 3166), Sec. 1.02, eff. April 1, 2009.
Section: Previous 1026.152 1026.153 1026.154 1026.155 1026.156 1026.157 1026.158 1026.159 1026.160 1026.201 1026.202 1026.203 1026.204 1026.205 1026.206 NextLast modified: September 28, 2016