(1) “School district” means any independent school district.
(2) “Bank” means a bank, a savings and loan association, or a savings bank organized under
the laws of this state, another state, or federal law that has its main office or
a branch office in this state. The term does not include any bank the deposits of which are not insured by the
Federal Deposit Insurance Corporation.
(3) “Time deposit,” “time certificate,” “certificate of deposit,” and “time deposit-open account” have
the definitions adopted for those terms by the Board of Governors of the Federal Reserve
(4) “Approved securities” means:
(A) bonds of this state or any agency or political subdivision of this state;
(B) all evidences of indebtedness legally issued by the board of trustees of the depositing
(C) all debt securities that are a direct obligation of the treasury of the United
(D) reducing principal balance securities, the principal and interest of which are
unconditionally guaranteed or insured by, or backed by the full faith and credit of,
this state or the United States or their respective agencies and instrumentalities;
(E) other obligations, the principal and interest of which are unconditionally guaranteed
or insured by, or backed by the full faith and credit of, this state or the United
States or their respective agencies and instrumentalities; and
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature or via Westlaw before relying on it for your legal needs.
Was this helpful?
Welcome to FindLaw's Cases & Codes
A free source of state and federal court opinions, state laws, and the United States Code. For more information about the legal concepts addressed by these cases and statutes, visit FindLaw's Learn About the Law.