Tex. Spec. Dist. Local Laws Code § 1069.209 · Subchapter E. GENERAL FINANCIAL PROVISIONS
DEPOSITORY.
Text — Current through the 89th 2nd Called Legislative Session, 2025
(a) The board shall select one or more banks in the district to serve as a depository for district money.
(b) All district money shall be immediately deposited on receipt with a depository bank, except that sufficient money must be remitted to the place or places designated as agent for the payment of principal of and interest on the district's outstanding bonds or other obligations assumed by the district in time for the agent to make that payment on or before the maturity date of the principal and interest.
(c) To the extent that money in a depository 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) Membership on the district's board of an officer or director of a bank does not disqualify the bank from being designated as depository.
Notes and commentary — not statutory text
History
Added by Acts 2011, 82nd Leg., R.S., Ch. 70 (S.B. 1147), Sec. 1.01, eff. April 1, 2013.
Source of truth
- Edition
- Current through the 89th 2nd Called Legislative Session, 2025
- Official file
- https://statutes.capitol.texas.gov/Docs/SD/htm/SD.1069.htm
- Text hash
- sha256 37692e54470eebaf2971dd3a24a4175cada4929ed5e9ffb1b3eca5d3c223ef54
- 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
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.