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Texas Special District Local Laws Code - SDLL § 8511.0505. Depository

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

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

(b) Authority money shall be deposited in a depository designated by the board, except that the following may be handled as provided in a trust indenture or bond resolution:

(1) bond proceeds;

(2) money pledged to pay bonds;

(3) money placed in special funds; and

(4) money remitted to a bank of payment for the payment of the principal of and interest on bonds.

(c) The board shall prescribe the term of service for a depository.

(d) Before designating a depository, the board shall:

(1) publish notice one time in one or more newspapers of general circulation in the authority that are specified by the board; or

(2) mail a copy of the notice to each bank inside the authority.

(e) The notice must:

(1) state the time and place at which the board will meet to designate a depository; and

(2) invite the banks inside the authority to submit applications to be designated a depository.

(f) At the time stated in the notice, the board shall:

(1) consider the application and the management and condition of each bank that applies; and

(2) designate as a depository the bank or banks:

(A) that offer the most favorable terms for handling authority money; and

(B) that the board finds have proper management and are in condition to handle authority money.

(g) Membership on the board of an officer or director of a bank does not disqualify the bank from being designated as a depository.

(h) If the board does not receive any applications before the time stated in the notice, the board shall designate one or more banks inside or outside the authority on terms that the board finds advantageous to the authority.

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Cite this article: FindLaw.com - Texas Special District Local Laws Code - SDLL § 8511.0505. Depository - last updated January 01, 2024 | https://codes.findlaw.com/tx/special-district-local-laws-code/sdll-sect-8511-0505/

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