Tex. Spec. Dist. Local Laws Code Section 9055.201
Depository

(a)

Except as provided by Subsection (i), the board shall designate one or more banks in the district to serve as depository for the district’s money.

(b)

District money shall be deposited with a designated depository bank or banks, except that:

(1)

money pledged to pay bonds may be deposited with the trustee bank named in the trust agreement; and

(2)

money shall be remitted to the bank of payment for the payment of principal of and interest on bonds.

(c)

To the extent that money in a depository bank or a trustee bank 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.

(d)

The board shall prescribe the terms of service for depositories.

(e)

Before designating a depository bank, the board shall issue a notice that:

(1)

states the time and place at which the board will meet to designate a depository bank or banks; and

(2)

invites the banks in the district to submit an application to be designated as a depository.

(f)

The notice must be published one time in a newspaper published in the district and specified by the board.

(g)

At the time stated in the notice, the board shall:

(1)

consider the application and the management and condition of each bank that applies; and

(2)

designate as a depository the bank or banks that:

(A)

offer the most favorable terms for handling the money; and

(B)

the board finds have proper management and are in condition to handle the money.

(h)

Membership on the board of an officer or director of a bank does not disqualify the bank from being designated as a depository.

(i)

If the board does not receive any applications before the time stated in the notice, or if the board rejects all applications, the board shall designate one or more banks located inside or outside the district on terms that the board finds advantageous to the district.
Added by Acts 2015, 84th Leg., R.S., Ch. 855 (S.B. 1162), Sec. 1.06, eff. April 1, 2017.

Source: Section 9055.201 — Depository, https://statutes.­capitol.­texas.­gov/Docs/SD/htm/SD.­9055.­htm#9055.­201 (accessed May 4, 2024).

9055.001
Definitions 9055.002
Nature of District 9055.003
Findings of Benefit and Public Purpose 9055.051
District Territory 9055.052
Authority to Annex Territory 9055.053
Petition for Annexation 9055.054
Annexation Hearing 9055.055
Board Findings and Resolution 9055.056
Notice of Annexation Election 9055.057
Election Results 9055.058
Annexation of Certain Municipal Territory 9055.059
Assumption of Debt 9055.060
Restriction on Annexation of Railroad Right-of-way, Transmission Line, or Other Utility Property 9055.101
Board 9055.102
Appointment of Directors 9055.103
Qualifications for Office 9055.104
Vacancy 9055.105
Officers 9055.106
Vote by Board President 9055.107
Director and Treasurer Bonds 9055.151
Construction of Dam 9055.152
Sources of Water 9055.153
Construction or Acquisition of Property 9055.154
Water Appropriation Permits 9055.155
Purchase of Water 9055.156
Eminent Domain 9055.157
Cost of Relocating or Altering Property 9055.158
Construction Contracts 9055.159
Contracts to Supply Water and Operate Facilities 9055.160
Adoption of Rules 9055.161
Applicability and Enforcement of Certain Laws 9055.201
Depository 9055.202
Projects Exempt from Assessment or Taxation 9055.203
Collection of District Taxes 9055.251
Authority to Issue Bonds 9055.252
Form of Bonds 9055.253
Maturity 9055.254
Election for Bonds Payable from Ad Valorem Taxes 9055.255
Bonds Payable from Revenue 9055.256
Bonds Payable from Ad Valorem Taxes 9055.257
Tax and Rate Requirements 9055.258
Additional Security 9055.259
Use of Bond Proceeds 9055.260
Appointment of Receiver 9055.261
Refunding Bonds 9055.262
Bonds Exempt from Taxation
Green check means up to date. Up to date

Accessed:
May 4, 2024

§ 9055.201’s source at texas​.gov