Special District Local Laws Code § 1058.156

Sec. 1058.156. DEPOSITORY. (a) The board shall designate one or more banks to serve as a depository for district money. (b) All district money, other than money invested in accordance with Chapter 2256, Government Code, and money transmitted to a bank for payment of bonds or obligations issued or assumed by the district, shall be immediately deposited on receipt with a depository bank. (c) To the extent that money in a depository 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 district's board of an officer or director of a bank does not disqualify that bank from being designated as depository. Added by Acts 2011, 82nd Leg., R.S., Ch. 70 (S.B. 1147), Sec. 1.01, eff. April 1, 2013. Amended by: Acts 2013, 83rd Leg., R.S., Ch. 330 (H.B. 1969), Sec. 9, eff. June 14, 2013. SUBCHAPTER E. BONDS