- (a) Except as provided by this section, the authority shall select a depository for the authority in the manner provided by Section 60.271, Water Code.
- (b) The authority shall select a depository in a manner to ensure that authority funds are fully insured by the Federal Deposit Insurance Corporation or the National Credit Union Share Insurance Fund.
- (c) The authority may select more than one institution to serve as a depository in order to comply with the requirement under Subsection (b).
Added by Acts 2021, 87th Leg., R.S., Ch. 35 (S.B. 635), Sec. 6, eff. May 15, 2021.