Texas § 6912.153 DEPOSITORY.

Texas Statutes

§ 6912.153 — DEPOSITORY.

Texas § 6912.153

Code SDSpecial District Local Laws Code

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Bluebook

Tex. Special District Local Laws Code Code Ann. § 6912.153 (2026).

Text

Sec. 6912.153. DEPOSITORY.

(a)The board shall designate one or more banks inside or outside the authority to serve as a depository for authority money.

(b)All authority money shall be deposited in a depository bank, except that sufficient money shall be remitted to the appropriate bank of payment to pay the principal of and interest on the authority's outstanding bonds 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 board of an officer or director of a bank does not disqualify the bank from being designated as a depository.

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Sec. 6912.153. DEPOSITORY. (a) The board shall designate one or more banks inside or outside the authority to serve as a depository for authority money.
(b) All authority money shall be deposited in a depository bank, except that sufficient money shall be remitted to the appropriate bank of payment to pay the principal of and interest on the authority's outstanding bonds 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 board of an officer or director of a bank does not disqualify the bank from being designated as a depository.