(a) The board shall select one or more banks in this state to act as a depository of bond proceeds or of revenue derived from the operation of district facilities.
(b) The depository shall, as determined by the board:
(1) furnish indemnity bonds;
(2) pledge securities; or
(3) meet any other requirement.

(c) Membership on the district’s board of an officer or director of a bank does not disqualify the bank from being selected as depository.