Texas Special District Local Laws Code 11006.201 – Depository
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(a) The board shall designate one or more banks inside or outside the authority to serve as the depository for the authority’s money.
(b) Authority money shall be deposited in the depository designated by the board, except that:
(1) bond proceeds and money pledged to pay bonds, to the extent provided in a resolution or trust indenture authorizing or securing authority bonds, may be deposited with another bank or trustee named in the bond resolution or trust indenture; and
(2) money shall be remitted to each paying agent for the payment of principal of and interest on the bonds.
Terms Used In Texas Special District Local Laws Code 11006.201
- 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.
- Trustee: A person or institution holding and administering property in trust.
(c) To the extent that money in a depository bank or a trustee 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 municipal money.