Sec. 1030.159. DEPOSITORY. (a) The board shall select at least one bank to serve as a depository for district money.
(b) District money, other than money invested as provided by Section 1030.160(b) and money transmitted to a bank for payment of bonds or obligations issued or assumed by the district, shall be deposited as received with the depository bank and must remain on deposit. This subsection does not limit the power of the board to place a part of district money on time deposit or to purchase certificates of deposit.
(c) The district may not deposit money with a bank in an amount that exceeds the maximum amount secured by the Federal Deposit Insurance Corporation unless the bank first executes a bond or other security in an amount sufficient to secure from loss the district money that exceeds the amount secured by the Federal Deposit Insurance Corporation.
Added by Acts 2007, 80th Leg., R.S., Ch. 920 (H.B. 3166), Sec. 1.02, eff. April 1, 2009.
Section: Previous 1030.152 1030.153 1030.154 1030.155 1030.156 1030.157 1030.158 1030.159 1030.160 1030.201 1030.202 1030.203 1030.204 1030.205 1030.206 NextLast modified: September 28, 2016