DEPOSITORY

(a) The board shall select one or more banks in the district to serve as a depository for district money. (b) All district money shall be immediately deposited on receipt with a depository bank, except that sufficient money must be remitted to the place or places designated as agent for the payment of principal of and interest on the district's outstanding bonds or other obligations assumed by the district in time for the agent to make that payment on or before the maturity date of the principal and interest. (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 the bank from being designated as depository.