DEPOSITORY — Texas Code § SD.11005.201
Texas Code § SD.11005.201 — DEPOSITORY. Reproduced from the official The Texas Constitution, with a citation summary, verification link, and related provisions.
§ SD.11005.201. DEPOSITORY
DEPOSITORY. (a) The board shall designate one or more banks inside or outside the district to serve as the depository for the district's money. (b) District money shall be deposited in the depository designated by the board, except that: (1) bond proceeds and money pledged to pay bonds, to the extent provided in a resolution or trust indenture authorizing or securing district bonds, may be deposited with another bank or trustee named in the bond resolution or trust indenture; and (2) money shall be remitted to each paying agent for the payment of principal of and interest on the bonds. (c) To the extent that money in a depository bank or trustee 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 municipal money. Added by Acts 2015, 84th Leg., R.S., Ch. 855 (S.B. 1162 ), Sec. 1.07, eff. April 1, 2017.
Source: official Texas text · Last verified 2026-08-27
At a glance
- Citation: The Texas Constitution § SD.11005.201
- Jurisdiction: Texas
- Code: The Texas Constitution
- Subject: DEPOSITORY
- Text: transcribed from the official source (verify below)
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It addresses "DEPOSITORY". Read the section together with the surrounding provisions listed under "Nearby provisions" for the full picture.
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