Sec. 775.072. DEPOSITORIES. (a) The board shall designate one or more banks to serve as depositories for district funds.
(b) The board shall deposit all district funds in a depository bank, except that the board:
(1) may deposit funds pledged to pay bonds or notes with banks named in the trust indenture or in the bond or note resolution; and
(2) shall remit funds for the payment of the principal of and interest on bonds and notes to the bank of payment.
(c) The district may not deposit funds in a depository or trustee bank in an amount that exceeds the maximum amount secured by the Federal Deposit Insurance Corporation unless the excess funds are secured in the manner provided by law for the security of county funds.
(d) The resolution or trust indenture securing the bonds or notes may require that any or all of the funds must be secured by obligations of or unconditionally guaranteed by the federal government.
Acts 1989, 71st Leg., ch. 678, Sec. 1, eff. Sept. 1, 1989.
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