Section 351.146 - Depository(a) The board shall name one or more banks to serve as depository for district funds.(b) District funds, other than those transmitted to a bank of payment for bonds issued by the district, shall be deposited as received with the depository bank. This subsection does not limit the power of the board to place a part of the district's funds on time deposit or to purchase certificates of deposit.(c) Before the district deposits funds in a bank in an amount that exceeds the maximum amount secured by the Federal Deposit Insurance Corporation, the bank must execute a bond or other security in an amount sufficient to secure from loss the district funds that exceed the amount secured by the Federal Deposit Insurance Corporation.Tex. Loc. Gov't. Code § 351.146
Added by Acts 1989, 71st Leg., ch. 1, Sec. 74(a), eff. 8/28/1989.