Sec. 9011.201. DEPOSITORY. (a) The board shall designate one or more banks to serve as depository for the district's money.
(b) District money shall be deposited with a designated depository bank, except that:
(1) money pledged to pay bonds may be deposited with the trustee bank named in the trust indenture; and
(2) money shall be remitted to the bank of payment for the payment of principal of and interest on bonds.
(c) To the extent that money in a depository bank or the trustee bank is not insured by the Federal Deposit Insurance Corporation, the money must be secured in the manner provided by law for the security of county funds.
(d) Membership on the board of an officer or director of a bank does not disqualify the bank from being designated as a depository.
Added by Acts 2007, 80th Leg., R.S., Ch. 920 (H.B. 3166), Sec. 1.12, eff. April 1, 2009.
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