Sec. 11006.201. DEPOSITORY. (a) The board shall designate one or more banks inside or outside the authority to serve as the depository for the authority's money.
(b) Authority 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 authority 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 a 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 2015, 84th Leg., R.S., Ch. 855 (S.B. 1162), Sec. 1.07, eff. April 1, 2017.
Text of section effective on April 01, 2017
Last modified: September 28, 2016