(a) Except as provided by this section, the authority shall select a depository for the authority in the manner provided by Section 60.271, Water Code.
(b) The authority shall select a depository in a manner to ensure that authority funds are fully insured by the Federal Deposit Insurance Corporation or the National Credit Union Share Insurance Fund.

Terms Used In Texas Special District Local Laws Code 5013.152

  • 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) The authority may select more than one institution to serve as a depository in order to comply with the requirement under Subsection (b).

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