81st Texas Legislature, Regular Session, House Bill 2619, Chapter 1139 Page: 83 of 950
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H.B. No. 2619
1 Sec. 1063.159. DEPOSITORY. (a) The board shall select one
2 or more banks in the district to serve as a depository for district
3 money.
4 (b) District money, other than money invested as provided by
5 Section 1063.160, and money transmitted to a bank for payment of
6 bonds or obligations issued or assumed by the district, shall be
7 deposited as received with the depository bank and shall remain on
8 deposit.
9 (c) This chapter, including Subsection (b), does not limit
10 the power of the board to place a part of district money on time
11 deposit or to purchase certificates of deposit.
12 (d) The district may not deposit money with a bank in an
13 amount that exceeds the maximum amount secured by the Federal
14 Deposit Insurance Corporation unless the bank first executes a bond
15 or other security in an amount sufficient to secure from loss the
16 amount of district money that exceeds the amount secured by the
17 Federal Deposit Insurance Corporation. (Acts 65th Leg., R.S., Ch.
18 258, Sec. 12.)
19 Sec. 1063.160. SPENDING AND INVESTMENT RESTRICTIONS. (a)
20 Except as otherwise provided by Section 1063.107(d) and by
21 Subchapter E, the district may not incur an obligation payable from
22 district revenue other than the revenue on hand or to be on hand in
23 the current and following district fiscal years.
24 (b) The board may invest operating, depreciation, or
25 building reserves only in funds or securities specified by Chapter
26 2256, Government Code. (Acts 65th Leg., R.S., Ch. 258, Secs. 5(a)
27 (part), 11(c) (part).)83
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Texas. Legislature. House of Representatives. 81st Texas Legislature, Regular Session, House Bill 2619, Chapter 1139, legislative document, June 19, 2009; [Austin, Texas]. (https://texashistory.unt.edu/ark:/67531/metapth148576/m1/83/: accessed April 23, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu; crediting UNT Libraries Government Documents Department.