Tex. Health & Safety Code § 775.072 · Subchapter E. FINANCES AND BONDS
DEPOSITORIES.
Text — Current through the 89th 2nd Called Legislative Session, 2025
(a) The board shall designate one or more banks to serve as depositories for district funds.
(b) The board shall deposit all district funds in a depository bank, except that the board:
(1) may deposit funds pledged to pay bonds or notes with banks named in the trust indenture or in the bond or note resolution; and
(2) shall remit funds for the payment of the principal of and interest on bonds and notes to the bank of payment.
(c) The district may not deposit funds in a depository or trustee bank in an amount that exceeds the maximum amount secured by the Federal Deposit Insurance Corporation unless the excess funds are secured in the manner provided by law for the security of county funds.
(d) The resolution or trust indenture securing the bonds or notes may require that any or all of the funds must be secured by obligations of or unconditionally guaranteed by the federal government.
Notes and commentary — not statutory text
History
Acts 1989, 71st Leg., ch. 678, Sec. 1, eff. Sept. 1, 1989.
Source of truth
- Edition
- Current through the 89th 2nd Called Legislative Session, 2025
- Official file
- https://statutes.capitol.texas.gov/Docs/HS/htm/HS.775.htm
- Text hash
- sha256 b88fda12fdb8dd99384b7c6af2b14ef8b79dc767b0afdb24bb39e6974b93e951
- Composed by
- compose_tx.py 2026-10-05: the Legislative Council's chapter files read in document order; verify_tx.py's independent reading (lxml DOM walk) agrees character for character
Cited by 1 provision
Provisions in this library whose text cites Tex. Health & Safety Code § 775.072. Each shows the citation as that text prints it.
Procedural information only. Not legal advice and not a substitute for the advice of an attorney. Confirm the current text with the official publisher before relying on it.