Special District Local Laws Code § 1098.159

Sec. 1098.159. DEPOSITORY OR TREASURER. (a) The board by resolution shall designate one or more banks to serve as the district's depository or treasurer. (b) District money shall be deposited on receipt with a depository bank, except that sufficient money must be remitted to an appropriate bank to pay the principal of and interest on the district's outstanding bonds, or other obligations assumed by the district, on or before the maturity date of the principal and interest. (c) Money in the depository bank or banks that is not insured by the Federal Deposit Insurance Corporation must be secured in the manner provided by law for security of county money. (d) Membership on the district's board of an officer or director of a bank does not disqualify that bank from being designated as depository. Added by Acts 2011, 82nd Leg., R.S., Ch. 70 (S.B. 1147), Sec. 1.01, eff. April 1, 2013.