Section 7816.0401 - Depository(a) The board shall designate one or more banks to serve as the depository for district money.(b) District money shall be deposited as received in a depository bank, other than money transmitted to a bank for payment of bonds issued by the district.(c) If district money is deposited in a depository that is not insured by the Federal Deposit Insurance Corporation, the money must be secured in the manner provided by law for the security of county funds.Tex. Spec. Dist. Loc. Laws § 7816.0401
Added by Acts 2019, Texas Acts of the 86th Leg.- Regular Session, ch. 557,Sec. 1, eff. 6/10/2019.