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Texas Special District Local Laws Code - SDLL § 11007.153. Depository

Current as of January 01, 2024 | Updated by FindLaw Staff

(a) The board shall designate one or more banks inside or outside the district to serve as the depository for the district's money.

(b) All district money shall be deposited in the depository designated by the board, except that:

(1) bond proceeds and money pledged to pay bonds, to the extent provided in a resolution or trust indenture authorizing or securing district bonds, may be deposited with another bank or trustee named in the bond resolution or trust indenture; and

(2) money shall be remitted to each paying agent for the payment of principal of and interest on the bonds.

(c) To the extent that money in a depository bank or the trustee 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 the county funds in this state. (Acts 65th Leg., R.S., Ch. 337, Sec. 19 (part).)

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Cite this article: FindLaw.com - Texas Special District Local Laws Code - SDLL § 11007.153. Depository - last updated January 01, 2024 | https://codes.findlaw.com/tx/special-district-local-laws-code/sdll-sect-11007-153/

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