(a) A board shall designate one or more banks as depositories for authority funds.
(b) All funds of an authority shall be deposited in one or more of the authority’s depository banks unless an order or resolution authorizing the issuance of an authority bond or note requires otherwise.

Terms Used In Texas Transportation Code 451.105

  • 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) Funds in a depository, to the extent that those funds are not insured by the Federal Deposit Insurance Corporation, shall be secured in the manner provided by law for the security of county funds.

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