Tex. Special District Local Laws Code § 1075.155
DEPOSITORY
Texas · Texas Special District Local Laws Code · Status: effective
Cite this
- Citation
- Tex. Special District Local Laws Code § 1075.155, DEPOSITORY, Texas, version 1 as recorded 2026-07-09, yourstate.us, https://yourstate.us/provision/589345
- Permanent ID
ys:prov:589345@1- SHA-256
7beeb3107aa879c2bc4b4057c4e6d7edfc00ebd1bf3f0bf6e3565ed991286399
The hash is SHA-256 of this version's text, with every run of whitespace collapsed to a single space and the ends trimmed. The ID always leads back here, and checking it says whether the text you cited is still the current version.
Full text
(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 an appropriate bank to pay the principal of and interest on the district's outstanding bonds 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.