Texas Special District Local Laws Code

§ 1051.159 — DEPOSITORY

SD § 1051.159Title 3. HEALTH · Part A. HOSPITAL DISTRICTS · Ch. 1051. LAVACA HOSPITAL DISTRICT · Art. D. GENERAL FINANCIAL PROVISIONS

Statute text

View on source

(a)The board shall select one or more banks in the district to serve as a depository for district money.

(b)District money, other than money invested as provided by Section 1051.160(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:

(1)place a part of district money on time deposit;

(2)purchase certificates of deposit; or

(3)invest a part of district money in a local government investment pool established in the Texas Treasury Safekeeping Trust Company.

…

Legislative history

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