Sec. 8288.153. 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) All 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 the 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 the county funds in this state.
Added by Acts 2009, 81st Leg., R.S., Ch. 1139 (H.B. 2619), Sec. 1.04, eff. April 1, 2011.
Structure Texas Statutes
Special District Local Laws Code
Title 6 - Water and Wastewater
Subtitle F - Municipal Utility Districts
Chapter 8288 - Meeker Municipal Water District
Subchapter D. General Financial Provisions
Section 8288.151. Imposition of Maintenance Tax; Prohibition on Other Taxes or Assessments
Section 8288.152. Election to Impose Tax
Section 8288.154. Investment of District Money
Section 8288.155. District Facilities Exempt From Taxation and Assessment