Sec. 49.156. DEPOSITORY. (a) The board, by order or resolution, shall designate one or more banks or savings associations within the state to serve as the depository for the funds of the district. The board shall not be required to advertise or solicit bids in selecting its depositories.
(b) To the extent that funds in the depository banks or savings associations are not insured by the Federal Deposit Insurance Corporation, they shall be secured in the manner provided by law for the security of funds by Chapter 2257, Government Code (Public Funds Collateral Act).
(c) The board may authorize a designated representative to supervise the substitution of securities pledged to secure the district's funds.
Added by Acts 1995, 74th Leg., ch. 715, Sec. 2, eff. Sept. 1, 1995.
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