Sec. 1066.159. 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 1066.160(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 portion 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 1066.152 1066.153 1066.154 1066.155 1066.156 1066.157 1066.158 1066.159 1066.160 1066.201 1066.202 1066.203 1066.204 1066.205 1066.206 NextLast modified: September 28, 2016