(a) The board shall name one or more banks to serve as depository for district money.(b) District money must be deposited as received with the depository bank and must remain on deposit. This subsection does not limit the power of the board to place a portion of the district's money on time deposit or to purchase certificates of deposit or other authorized investments.(c) To the extent that money in the depository is not insured by the Federal Deposit Insurance Corporation, the money must be secured as provided by Chapter 2257, Government Code. Added by Acts 2005, 79th Leg., Ch. 238 (S.B. 1537), Sec. 6, eff. May 27, 2005.
Texas Legal Code