(a) The executive committee shall designate one or more banks as depositories for authority funds.
(b) An authority shall deposit all funds of the authority that are not otherwise invested in one or more of the authority’s depository banks unless otherwise required by an order or resolution authorizing the issuance of an authority bond or note or other contractual undertaking.

Terms Used In Texas Transportation Code 463.103

  • 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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