(a) The board shall select one or more banks in this state to act as a depository of bond proceeds or of revenue derived from the operation of district facilities.(b) The depository shall, as determined by the board:(1) furnish indemnity bonds;(2) pledge securities; or(3) meet any other requirement.(c) Membership on the district's board of an officer or director of a bank does not disqualify the bank from being selected as depository. Added by Acts 2013, 83rd Leg., R.S., Ch. 112 (S.B. 1026), Sec. 1.01, eff. April 1, 2015.
Texas Legal Code