(a) The board shall select a depository or depositories for the district in the manner provided by law for the selection of a county depository.
(b) The board in selecting a depository shall act in the same capacity and perform the same duties as the county judge and the commissioners court in selecting a county depository.

(c) A depository selected by the board:
(1) has the powers and duties provided by law for a county depository; and
(2) shall execute a depository bond, or pledge collateral in lieu of or in addition to a surety company bond, as provided by law for a county depository.
(d) After the depository or depositories have given bond or bonds as provided by law and the bond or bonds have been approved by the board, all district money shall be deposited in the depository or depositories by the officers or agents of the district appointed by the board to collect and deposit district money.
(e) District money shall be deposited in the appropriate account and kept separate. The accounts of the district are the:
(1) interest and sinking fund account;
(2) construction account; and
(3) maintenance and operations account.
(f) Money in the interest and sinking fund account may be used only to pay the interest on and principal of the appropriate indebtedness.
(g) Each district depository shall prepare a report of all money received and all money paid out by the depository at the end of each month and shall file the report, along with vouchers and records of the district, with the secretary and treasurer of the board.