Sec. 11003.202. DEPOSITORY. (a) The board shall designate one or more banks inside or outside the district to serve as the depository for the district's money.
(b) District money shall be deposited in the depository designated by the board, except that:
(1) bond proceeds and money pledged to pay bonds, to the extent provided in a resolution or trust indenture authorizing or securing district bonds, may be deposited with another bank or trustee named in the bond resolution or trust indenture; and
(2) money shall be remitted to each paying agent for the payment of principal of and interest on the bonds.
(c) To the extent that money in a depository bank or trustee bank is not insured by the Federal Deposit Insurance Corporation, the money must be secured in the manner provided by law for the security of municipal money.
Added by Acts 2013, 83rd Leg., R.S., Ch. 112 (S.B. 1026), Sec. 1.07, eff. April 1, 2015.
Section: Previous 11003.156 11003.157 11003.158 11003.159 11003.160 11003.161 11003.201 11003.202 11003.203 11003.204 11003.251 11003.252 11003.253 11003.254 11003.255 NextLast modified: September 28, 2016