Texas Local Government Code 375.096 – Specific Powers and Duties of Board
(a) The board may:
(1) employ all persons, firms, partnerships, or corporations considered necessary by the board for the conduct of the affairs of the district, including a general manager, bookkeepers, auditors, engineers, attorneys, financial advisers, peace or traffic control officers, architects, and operating or management companies and prescribe the duties, tenure, and compensation of each;
(2) dismiss employees;
(3) adopt a seal for the district;
(4) invest funds of the district in any investments authorized by Subchapter A, Chapter 2256, Government Code and provide, by resolution, that an authorized representative manage the district’s funds and invest and reinvest the funds of the district on terms the board considers advisable;
(5) establish a fiscal year for the district;
(6) establish a complete system of accounts for the district and each year shall have prepared an audit of the district’s affairs, which shall be open to public inspection, by an independent certified public accountant or a firm of independent certified public accountants; and
(7) designate one or more banks to serve as the depository bank or banks.
(b) Funds of a district shall be deposited in the depository bank or banks unless otherwise required by orders or resolutions authorizing the issuance of the district’s bonds or notes. To the extent that funds in the depository bank or banks are not insured by the Federal Deposit Insurance Corporation, they must be secured in the manner provided by law for the security of funds of counties. The board by resolution may authorize a designated representative to supervise the substitution of securities pledged to secure the district’s funds.
Terms Used In Texas Local Government Code 375.096
- 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.
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- Year: means 12 consecutive months. See Texas Government Code 311.005
(c) The board may adopt and enforce reasonable rules and regulations governing the administration of the district and its programs and projects.
(d) The name of the district may be established or changed by resolution of the board.