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Texas Special District Local Laws Code

§ 1062.159 — DEPOSITORY

SD § 1062.159Title 3. HEALTH · Part A. HOSPITAL DISTRICTS · Ch. 1062. MITCHELL COUNTY HOSPITAL DISTRICT · Art. D. GENERAL FINANCIAL PROVISIONS

Statute text

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(a)The board shall select one or more banks to serve as a depository for district money.
(b)District money shall be immediately deposited on receipt with a depository bank, except that sufficient money must be remitted to the place or places designated as agent for the payment of principal of and interest on the district's outstanding bonds or other obligations in time for the agent to make that payment 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 district's board of an officer or director of a bank does not disqualify the bank from being designated as a depository bank.

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 § 1062.159 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.