Sec. 1076.157. DEPOSITORY. (a) The board shall select one or more banks in this state to act as a depository of bond proceeds or of revenue derived from the operation of district facilities.
(b) The depository shall, as determined by the board:
(1) furnish indemnity bonds;
(2) pledge securities; or
(3) meet any other requirement.
(c) Membership on the district's board of an officer or director of a bank does not disqualify the bank from being selected as depository.
Added by Acts 2013, 83rd Leg., R.S., Ch. 112 (S.B. 1026), Sec. 1.01, eff. April 1, 2015.
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