Transportation Code § 451.101

Sec. 451.101. BOARD POWERS. A board may: (1) employ a general manager and other persons necessary for the conduct of the affairs of the authority, including operating or management companies; (2) prescribe the duties, compensation, and tenure of persons employed; (3) remove an employee; (4) adopt a seal for the authority; (5) set the fiscal year for the authority; (6) establish a complete system of accounts for the authority; (7) invest the funds of the authority in direct or indirect obligations of the United States, this state, or a political subdivision of this state; (8) purchase, with funds of the authority, certificates of deposit of state or national banks or savings and loan associations in this state if the certificates are secured in the same manner that the funds of a county of this state are required to be secured; (9) designate by resolution an authorized representative of the authority to, according to terms prescribed by the board: (A) invest authority funds; and (B) withdraw money from authority accounts for investments; and (10) designate by resolution an authorized representative of the authority to supervise the substitution of securities pledged to secure authority funds. Acts 1995, 74th Leg., ch. 165, Sec. 1, eff. Sept. 1, 1995.