Tex. Spec. Dist. Local Laws Code Section 1061.159
Depository

(a)

The board shall select one or more banks in the district to serve as a depository for district money. A selected bank serves for four years. Bids shall be received for a depository contract after notice is published one time in a newspaper of general circulation in the district 20 days before the date to open the bids. The district shall award the depository contract to the bank or banks offering the most favorable terms for handling the district’s money.

(b)

District money, other than money invested as provided by Section 1061.160 (Spending and Investment Restrictions)(b) and money transmitted to a bank for payment of bonds or obligations issued 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 place a part of district money on time deposit or to purchase certificates of deposit.

(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 or pledges security as required for county depositories 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 2009, 81st Leg., R.S., Ch. 1139 (H.B. 2619), Sec. 1.01, eff. April 1, 2011.

Source: Section 1061.159 — Depository, https://statutes.­capitol.­texas.­gov/Docs/SD/htm/SD.­1061.­htm#1061.­159 (accessed Jun. 5, 2024).

1061.001
Definitions 1061.002
Authority for Creation 1061.003
Essential Public Function 1061.004
District Territory 1061.005
Correction of Invalid Procedures 1061.006
District Support and Maintenance Not State Obligation 1061.007
Restriction on State Financial Assistance 1061.051
Board Election 1061.052
Alternative Director Election 1061.053
Notice of Election 1061.054
Qualifications for Office 1061.055
Board Vacancy 1061.056
Officers 1061.057
Compensation 1061.058
Voting Requirement 1061.059
District Administrator 1061.060
General Duties of District Administrator 1061.061
Appointment and Dismissal of Staff and Employees 1061.062
Recruitment of Medical Staff and Employees 1061.063
Seniority 1061.101
District Responsibility 1061.102
Restriction on Political Subdivision Taxation and Debt 1061.103
Management, Control, and Administration 1061.104
Hospital System 1061.105
Rules 1061.106
Purchasing and Accounting Procedures 1061.107
Ambulance or Mobile Emergency Service 1061.108
District Property, Facilities, and Equipment 1061.109
Eminent Domain 1061.110
Cost of Relocating or Altering Property 1061.111
Gifts and Endowments 1061.112
Construction or Purchase Contracts 1061.113
Management Agreement 1061.114
Contracts for Hospitalization, Treatment, and Training 1061.115
Contract for Investigatory or Other Services 1061.116
Contract for Facilities to Support Surgical Residency Program 1061.117
Provision of Services Outside District 1061.118
Payment for Treatment 1061.119
Reimbursement for Services to Nonresidents 1061.120
Authority to Sue and Be Sued 1061.121
Employment of District Peace Officers 1061.122
Mental Health Services 1061.151
Budget 1061.152
Notice 1061.153
Amendments to Budget 1061.154
Restriction on Expenditures 1061.155
Fiscal Year 1061.156
Audit 1061.157
Inspection of Audit and District Records 1061.158
Financial Report 1061.159
Depository 1061.160
Spending and Investment Restrictions 1061.201
General Obligation Bonds 1061.202
Tax to Pay General Obligation Bonds 1061.203
Bond Election 1061.204
Revenue Bonds 1061.205
Payment of Revenue Bonds 1061.206
Use of Revenue Bond Proceeds 1061.207
Charge for Occupancy or Use of Hospital Facility 1061.208
Refunding Bonds 1061.209
Bonds Exempt from Taxation 1061.251
Imposition of Ad Valorem Tax 1061.252
Tax Rate 1061.253
Use of Ad Valorem Taxes for Operation and Maintenance Expenses 1061.254
Assessment and Collection by County Tax Assessor-collector 1061.255
Assessment and Collection by District Tax Assessor-collector 1061.256
Assessment and Collection by Tax Assessor-collector of Another Political Subdivision 1061.301
Tax Authorized 1061.302
Applicability of Other Law 1061.303
Tax Rate 1061.304
Election Procedure 1061.305
Election in Other Taxing Authority 1061.306
Tax Effective Date 1061.307
Use of Tax Revenue
Green check means up to date. Up to date

Accessed:
Jun. 5, 2024

§ 1061.159’s source at texas​.gov