Sec. 451.105. DEPOSITORY; DEPOSIT OF FUNDS. (a) A board shall designate one or more banks as depositories for authority funds.
(b) All funds of an authority shall be deposited in one or more of the authority's depository banks unless an order or resolution authorizing the issuance of an authority bond or note requires otherwise.
(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.
Acts 1995, 74th Leg., ch. 165, Sec. 1, eff. Sept. 1, 1995.
Structure Texas Statutes
Subtitle K - Mass Transportation
Chapter 451 - Metropolitan Rapid Transit Authorities
Subchapter C. Management of Authority
Section 451.103. Operating Expenditures
Section 451.104. Investment Powers: Certain Authorities
Section 451.105. Depository; Deposit of Funds
Section 451.106. General Manager; Management Policies: Certain Authorities
Section 451.1075. Prohibition of Consumption of Alcoholic Beverage
Section 451.108. Peace Officers
Section 451.109. Advisory Committee
Section 451.110. Purchases: Competitive Bidding
Section 451.111. Purchases: Notice of Noncompetitive Bid Proposals
Section 451.112. Conflicts of Interest: Board Members
Section 451.113. Driving on Certain Authority Right-of-Way; Penalty