Texas Special District Local Laws Code 1058.156 – Depository
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(a) The board shall designate one or more banks to serve as a depository for district money.
(b) All district money, other than money invested in accordance with Chapter 2256, Government Code, and money transmitted to a bank for payment of bonds or obligations issued or assumed by the district, shall be immediately deposited on receipt with a depository bank.
Terms Used In Texas Special District Local Laws Code 1058.156
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
(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) Membership on the district’s board of an officer or director of a bank does not disqualify that bank from being designated as depository.