Sec. 45.205. TERM OF CONTRACT. (a) Except as provided by Subsection (b), the depository bank when selected shall serve for a term of two years and until its successor is selected and has qualified.
(b) A school district and the district's depository bank may agree to extend a depository contract for three additional two-year terms. The contract may be modified for each two-year extension if both parties mutually agree to the terms. An extension under this subsection is not subject to the requirements of Section 45.206.
(c) The contract term and any extension must coincide with the school district's fiscal year.
Added by Acts 1995, 74th Leg., ch. 260, Sec. 1, eff. May 30, 1995. Amended by Acts 1997, 75th Leg., ch. 1308, Sec. 1, eff. June 20, 1997.
Amended by:
Acts 2007, 80th Leg., R.S., Ch. 322 (H.B. 2411), Sec. 2, eff. June 15, 2007.
Acts 2017, 85th Leg., R.S., Ch. 1117 (S.B. 754), Sec. 1, eff. September 1, 2017.
Structure Texas Statutes
Subtitle I - School Finance and Fiscal Management
Chapter 45 - School District Funds
Subchapter G. School District Depositories
Section 45.202. Selection of Depository
Section 45.203. Depository Must Be a Bank
Section 45.204. Conflict of Interest
Section 45.205. Term of Contract
Section 45.206. Bid or Request for Proposal Notices; Bid and Proposal Forms
Section 45.207. Award of Contract