Tex. Spec. Dist. Local Laws Code Section 1086.159
Depository

(a)

The board shall select at least one bank to serve as a depository for district money.

(b)

District money, other than money invested as provided by Section 1086.160 (Spending and Investment Restrictions)(b) and money transmitted to a bank of payment as a trustee for bonds or obligations issued or assumed by the district, shall be deposited as received with the depository bank and shall remain on deposit. This subsection does not limit the power of the board to:

(1)

place a portion of district money on time deposit; or

(2)

purchase certificates of deposit.

(c)

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 2011, 82nd Leg., R.S., Ch. 70 (S.B. 1147), Sec. 1.01, eff. April 1, 2013.

Source: Section 1086.159 — Depository, https://statutes.­capitol.­texas.­gov/Docs/SD/htm/SD.­1086.­htm#1086.­159 (accessed May 4, 2024).

1086.001
Definitions 1086.002
Authority for Operation 1086.003
Essential Public Function 1086.004
District Territory 1086.005
District Support or Maintenance Not State Obligation 1086.006
Restriction on State Financial Assistance 1086.051
Board Election and Appointment 1086.052
Notice of Election 1086.053
Ballot Petition 1086.054
Qualifications for Office 1086.055
Bond 1086.056
Board Vacancy 1086.057
Officers 1086.058
Compensation 1086.059
Voting Requirement 1086.060
District Administrator 1086.061
General Duties of District Administrator 1086.062
Assistant District Administrator 1086.063
Appointment of Staff and Employees 1086.064
Retirement Benefits 1086.101
District Responsibility 1086.102
Restriction on Governmental Entity Taxation and Debt 1086.103
Management, Control, and Administration 1086.104
Rules 1086.105
Purchasing and Accounting Procedures 1086.106
Mobile Emergency Medical Service 1086.107
District Property, Facilities, and Equipment 1086.108
Eminent Domain 1086.109
Cost of Relocating or Altering Property 1086.110
Gifts and Endowments 1086.111
Construction Contracts 1086.112
Operating and Management Contracts 1086.113
Contracts with Governmental Entities for Services 1086.114
Payment for Treatment 1086.115
Reimbursement for Services 1086.116
Authority to Sue and Be Sued 1086.151
Budget 1086.152
Notice 1086.153
Amendments to Budget 1086.154
Restriction on Expenditures 1086.155
Fiscal Year 1086.156
Annual Audit 1086.157
Inspection of Annual Audit and District Records 1086.158
Financial Report 1086.159
Depository 1086.160
Spending and Investment Restrictions 1086.201
General Obligation Bonds 1086.202
Tax to Pay General Obligation Bonds 1086.203
General Obligation Bond Election 1086.204
Revenue Bonds 1086.205
Refunding Bonds 1086.206
Maturity of Bonds 1086.207
Execution of Bonds 1086.208
Bonds Exempt from Taxation 1086.251
Imposition of Ad Valorem Tax 1086.252
Tax Rate 1086.253
Tax Assessor-collector
Green check means up to date. Up to date

Accessed:
May 4, 2024

§ 1086.159’s source at texas​.gov