Sec. 1039.158. 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 1039.159(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 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 of a state or national bank that is a member of the Federal Deposit Insurance Corporation.
(d) The district may not deposit money with a bank in an amount that exceeds the maximum amount insured by the Federal Deposit Insurance Corporation unless the bank first executes a bond or provides other security in an amount sufficient to secure from loss the district money that exceeds the amount insured 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 1039.151 1039.152 1039.153 1039.154 1039.155 1039.156 1039.157 1039.158 1039.159 1039.160 1039.201 1039.202 1039.203 1039.204 1039.205 NextLast modified: September 28, 2016