(a) The board shall select at least one bank to serve as a depository for district
(b) District money, other than money invested as provided by Section 1015. 160(b)
and money transmitted to a bank for payment of 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 part 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 has first
executed 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.
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