(a) The board by resolution shall designate one or more banks in the district as the district’s depository or treasurer. A designated bank serves for two years and until a successor is designated.
(b) All income received by the district, including tax revenue after deducting discounts and fees for assessing and collecting the taxes, shall be deposited with the district depository and may be withdrawn only as provided by this chapter.

Ask a business law question, get an answer ASAP!
Thousands of highly rated, verified business lawyers.
Click here to chat with a lawyer about your rights.