- (a) The board shall select one or more banks to serve as a depository for district money.
- (b) All district money, other than money invested as provided by Section 1074.160 and money transmitted to a bank for payment of bonds or obligations issued or assumed by the district, shall be deposited as received with the depository bank and shall remain on deposit.
- (c) This section does not limit the power of the board to place a part of district money on time deposit or to purchase certificates of deposit.
Added by Acts 2011, 82nd Leg., R.S., Ch. 70 (S.B. 1147), Sec. 1.01, eff. April 1, 2013.