(a) The board shall select one or more banks to serve as a depository for district money.(b) District money, other than money invested as provided by Section 1094.210(b), and money transmitted to a bank for payment of bonds or obligations issued by the district, shall be deposited as received with the depository bank and shall remain on deposit.(c) This chapter, including Subsection (b), does not limit the power of the board to place a part of district money on time deposit or to purchase certificates of deposit. Added by Acts 2009, 81st Leg., R.S., Ch. 1139 (H.B. 2619), Sec. 1.01, eff. April 1, 2011.Amended by: Acts 2013, 83rd Leg., R.S., Ch. 692 (H.B. 2688), Sec. 10, eff. June 14, 2013.
Texas Legal Code