Sec. 6610.154. DEPOSITORY. (a) The board shall designate one or more banks in the district to serve as a depository for district money.
(b) All district money shall be deposited in a depository bank, except that sufficient money shall be remitted to the appropriate bank of payment to pay the principal of and interest on the district's outstanding bonds on or before the maturity date of the principal and interest.
(c) To the extent that money in a depository 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 county funds.
(d) If the board designates a depository bank as the treasurer of the district, the bank shall serve as the treasurer.
Added by Acts 2015, 84th Leg., R.S., Ch. 855 (S.B. 1162), Sec. 1.01, eff. April 1, 2017.
Text of section effective on April 01, 2017
Last modified: September 28, 2016