Sec. 457.057. DEPOSIT OF MONEY. (a) The board shall designate one or more banks as depositories for authority funds. All authority money, other than money invested as provided by Section 457.056, shall be deposited in one or more of the authority's depository banks.
(b) 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.
Added by Acts 1997, 75th Leg., ch. 165, Sec. 30.35(a), eff. Sept. 1, 1997.
Structure Texas Statutes
Subtitle K - Mass Transportation
Chapter 457 - County Mass Transit Authority
Subchapter B. Creation and Administration of Authority
Section 457.051. Creation of Authority
Section 457.052. Board of Authority
Section 457.053. Confirmation Election
Section 457.054. Conflicts of Interest: Authority Employees
Section 457.055. Transfer of Resources Between Municipality and Authority