Sec. 9029.157. DEPOSITORY. (a) The board shall designate one or more banks inside or outside the authority to serve as a depository for authority money.
(b) All authority money shall be deposited in a depository bank, except that sufficient money shall be remitted to the appropriate bank of payment to pay the principal of and interest on the authority's outstanding bonds on or before the maturity date of the principal and interest.
(c) To the extent that money in a depository 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 county funds.
Added by Acts 2013, 83rd Leg., R.S., Ch. 112 (S.B. 1026), Sec. 1.06, eff. April 1, 2015.
Structure Texas Statutes
Special District Local Laws Code
Title 6 - Water and Wastewater
Subtitle I - Water Control and Improvement Districts
Chapter 9029 - Clear Lake City Water Authority
Subchapter D. General Financial Provisions
Section 9029.152. Authority Accounts
Section 9029.154. Copy of Audit Report
Section 9029.155. Payment of Tax or Assessment Not Required
Section 9029.156. Power to Borrow Money and Accept Grants or Other Support