Tex. Spec. Dist. Local Laws Code Section 1051.159
Depository

(a)

The board shall select one or more banks in the district to serve as a depository for district money.

(b)

District money, other than money invested as provided by Section 1051.160 (Spending and Investment Restrictions)(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.

(c)

This chapter, including Subsection (b), does not limit the power of the board to:

(1)

place a part of district money on time deposit;

(2)

purchase certificates of deposit; or

(3)

invest a part of district money in a local government investment pool established in the Texas Treasury Safekeeping Trust Company.

(d)

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 first executes 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.
Added by Acts 2007, 80th Leg., R.S., Ch. 920 (H.B. 3166), Sec. 1.02, eff. April 1, 2009.

Source: Section 1051.159 — Depository, https://statutes.­capitol.­texas.­gov/Docs/SD/htm/SD.­1051.­htm#1051.­159 (accessed Jun. 5, 2024).

1051.001
Definitions 1051.002
Authority for Operation 1051.003
Essential Public Function 1051.004
District Territory 1051.005
Correction of Invalid Procedures 1051.006
District Support and Maintenance Not State Obligation 1051.007
Restriction on State Financial Assistance 1051.051
Board Election 1051.052
Notice of Election 1051.053
Ballot Petition 1051.054
Qualifications for Office 1051.055
Board Vacancy 1051.056
Officers 1051.057
Compensation 1051.058
Voting Requirement 1051.059
District Administrator 1051.060
General Duties of District Administrator 1051.061
Employees 1051.062
Retirement Benefits 1051.101
District Responsibility 1051.102
Restriction on Political Subdivision Taxation and Debt 1051.103
Management, Control, and Administration 1051.104
Hospital System 1051.105
Rules 1051.106
Purchasing and Accounting Procedures 1051.107
District Property, Facilities, and Equipment 1051.108
Eminent Domain 1051.109
Gifts and Endowments 1051.110
Construction Contracts 1051.111
Operating and Management Contracts 1051.112
Contracts with Governmental Entities for Care and Treatment 1051.113
Contracts with Governmental Entities for Investigatory or Other Services 1051.114
Payment for Treatment 1051.115
Authority to Sue and Be Sued 1051.151
Budget 1051.152
Notice 1051.153
Amendments to Budget 1051.154
Restriction on Expenditures 1051.155
Fiscal Year 1051.156
Audit 1051.157
Inspection of Audit and District Records 1051.158
Financial Report 1051.159
Depository 1051.160
Spending and Investment Restrictions 1051.201
General Obligation Bonds 1051.202
Tax to Pay General Obligation Bonds 1051.203
General Obligation Bond Election 1051.204
Maturity of General Obligation Bonds 1051.205
Execution of General Obligation Bonds 1051.206
Revenue Bonds 1051.207
Refunding Bonds 1051.208
Bonds Exempt from Taxation 1051.251
Imposition of Ad Valorem Tax 1051.252
Tax Rate 1051.253
Assessment and Collection by County Tax Assessor-collector 1051.254
Assessment and Collection by District Tax Assessor-collector
Green check means up to date. Up to date

Accessed:
Jun. 5, 2024

§ 1051.159’s source at texas​.gov