(a) The board shall select one or more depositories for district money.
(b) District money, other than money invested as provided by Section 1064.210(b), and money transmitted to a bank for payment of bonds or obligations issued or assumed by the district, shall be deposited as received with the depository and shall remain on deposit.

(c) This chapter, including Subsection (b), does not limit the power of the board to:
(1) place a part of district money on time deposit or other forms of deposit; or
(2) purchase certificates of deposit.