Special District Local Laws Code § 21.354

Sec. 21.354. DEPOSITORY. (a) The board shall name one or more banks to serve as depository for the district's money. (b) District money, other than money transmitted to a bank for payment of bonds issued by the district, shall be deposited as received with the depository bank and shall remain on deposit. (c) Before the district deposits money in a bank in an amount that exceeds the maximum amount secured by the Federal Deposit Insurance Corporation, the bank must execute a bond or provide other security in an amount sufficient to secure from loss the amount of the district's deposits that exceed the amount secured by the Federal Deposit Insurance Corporation. (d) This section does not limit the board's power to invest the district's money as provided by Subchapter A, Chapter 2256, Government Code. Added by Acts 2007, 80th Leg., R.S., Ch. 920 (H.B. 3166), Sec. 1.01, eff. April 1, 2009.