Tex. Special District Local Laws Code § 1082.159
DEPOSITORY
Texas · Texas Special District Local Laws Code · Status: effective
Cite this
- Citation
- Tex. Special District Local Laws Code § 1082.159, DEPOSITORY, Texas, version 1 as recorded 2026-07-09, yourstate.us, https://yourstate.us/provision/589772
- Permanent ID
ys:prov:589772@1- SHA-256
df862ec3bd8e03baac1a689b3484bc70f89665aa3d511b596bc1022efff69fdd
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 at least one bank to serve as a depository for district money.
(b) District money, other than money invested as provided by Section 1082.160(b) and money transmitted to a bank of payment as a trustee for bonds or obligations issued or assumed by the district, shall be deposited as received with the depository bank and shall remain on deposit. This subsection does not limit the power of the board to place a portion of district money on time deposit or to purchase certificates of deposit.
(c) The district may not deposit money with a bank in an amount that exceeds the maximum amount secured by the Federal Deposit Insurance Corporation unless the bank first executes a bond or other security in an amount sufficient to secure from loss the district money that exceeds the amount secured by the Federal Deposit Insurance Corporation.