Sec. 265.050. DEPOSITORY. The board may:
(1) select a depository in the same manner that a municipality or county may select a depository under Chapter 105 or Chapter 116, Local Government Code; or
(2) execute a depository contract with a depository selected by the municipality or the county on the same terms as the municipality or county.
Acts 1989, 71st Leg., ch. 678, Sec. 1, eff. Sept. 1, 1989.