(a) The board shall select at least one bank to serve as a depository for district money.
(b) District money, other than money invested as provided by Section 1104.160(b) and money transmitted to a bank for payment of bonds or obligations issued or assumed by the district, shall be deposited as received with the depository bank and shall remain on deposit. This subsection does not limit the power of the board to:
(1) place a part of district money on time deposit; or
(2) purchase certificates of deposit.