Texas Special District Local Laws Code 6610.154 – Depository
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(a) The board shall designate one or more banks in the district to serve as a depository for district money.
(b) All district money shall be deposited in a depository bank, except that sufficient money shall be remitted to the appropriate bank of payment to pay the principal of and interest on the district’s outstanding bonds on or before the maturity date of the principal and interest.
Terms Used In Texas Special District Local Laws Code 6610.154
- 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) If the board designates a depository bank as the treasurer of the district, the bank shall serve as the treasurer.