Texas Special District Local Laws Code 8801.064 – Depository
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(a) The board shall name one or more banks to serve as depository for district money.
(b) District money must be deposited as received with the depository bank and must remain on deposit. This subsection does not limit the power of the board to place a portion of the district’s money on time deposit or to purchase certificates of deposit or other authorized investments.
Terms Used In Texas Special District Local Laws Code 8801.064
- 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 the depository is not insured by the Federal Deposit Insurance Corporation, the money must be secured as provided by Chapter 2257, Government Code.