Texas Special District Local Laws Code 1062.159 – Depository
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(a) The board shall select one or more banks to serve as a depository for district money.
(b) District money shall be immediately deposited on receipt with a depository bank, except that sufficient money must be remitted to the place or places designated as agent for the payment of principal of and interest on the district’s outstanding bonds or other obligations in time for the agent to make that payment on or before the maturity date of the principal and interest.
Terms Used In Texas Special District Local Laws Code 1062.159
- 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 the bank from being designated as a depository bank.