(a) The board shall designate one or more banks in the authority to serve as depository for the authority's money.(b) Authority money shall be deposited in a depository, except that:(1) money pledged to pay bonds may be deposited with the trustee bank named in the trust agreement; and(2) money shall be remitted to the bank of payment for the payment of the principal of and interest on bonds. Added by Acts 2021, 87th Leg., R.S., Ch. 914 (H.B. 3530), Sec. 1.03, eff. April 1, 2023.
Texas Legal Code