DecisionDepot
California legal research

Texas Special District Local Laws Code

§ 1027.158 — DEPOSITORY

SD § 1027.158Title 3. HEALTH · Part A. HOSPITAL DISTRICTS · Ch. 1027. FISHER COUNTY HOSPITAL DISTRICT · Art. D. GENERAL FINANCIAL PROVISIONS

Statute text

View on source
(a)The board shall select one or more banks inside or outside the district to serve as a depository for district money.
(b)District money, other than money invested as provided by Section 1027.159(b), and money transmitted to a bank for payment of bonds or obligations issued or assumed by the district, shall be deposited as received with the depository bank and shall remain on deposit.
(c)This chapter, including Subsection (b), does not limit the power of the board to place a part of district money on time deposit or to purchase certificates of deposit.
(d)The district may not deposit money with a bank in an amount that exceeds the maximum amount secured by the Federal Deposit Insurance Corporation unless the bank first executes a bond or other security in an amount sufficient to secure from loss the district money that exceeds the amount secured by the Federal Deposit Insurance Corporation.

Legislative history

Added by Acts 2007, 80th Leg., R.S., Ch. 920 (H.B. 3166), Sec. 1.02, eff. April 1, 2009.

Source: Texas Special District Local Laws Code § 1027.158 from the Texas Constitution and Statutes (Texas Legislature) (public record). DecisionDepot is for informational use only and is not legal advice — verify against the official source before relying on this text.