Texas Transportation Code

§ 463.103 — DEPOSITORY; DEPOSIT OF FUNDS

TN § 463.103Title 6. ROADWAYS · Part K. MASS TRANSPORTATION · Ch. 463. REGIONAL TRANSIT AUTHORITIES · Art. C. MANAGEMENT OF AUTHORITY

Statute text

View on source

(a)The executive committee shall designate one or more banks as depositories for authority funds.

(b)An authority shall deposit all funds of the authority that are not otherwise invested in one or more of the authority's depository banks unless otherwise required by an order or resolution authorizing the issuance of an authority bond or note or other contractual undertaking.

(c)Funds in a depository, to the extent that those funds are not insured by the Federal Deposit Insurance Corporation, shall be secured in the manner provided by law for the security of county funds.

Legislative history

Added by Acts 2019, 86th Leg., R.S., Ch. 151 (H.B. 71), Sec. 1, eff. May 24, 2019.