(a) Except as provided by Subsection (b), the depository bank when selected shall
serve for a term of two years and until its successor is selected and has qualified.
(b) A school district and the district's depository bank may agree to extend a depository
contract for three additional two-year terms. The contract may be modified for each two-year extension if both parties mutually
agree to the terms. An extension under this subsection is not subject to the requirements of Section 45.206.
(c) The contract term and any extension must coincide with the school district's fiscal
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