(a) If no bank located in the county applies to be designated as the county depository, the commissioners court may advertise, in the same manner provided by § 116.022 for advertising for a depository within the county, for applications from banks in an adjoining county or any other county in this state.
(b) If only one bank located in the county applies to be designated as the county depository, the commissioners court may reject the applicant if the applicant proposes terms that:
(1) are not in the best interest of the county;
(2) are not financially competitive with the financial market outside the county; or
(3) impose noncompetitive fees.

(c) If the commissioners court rejects the applicant under Subsection (b), the commissioners court may advertise, in the same manner provided by § 116.022 for advertising for a depository within the county, for applications from banks in an adjoining county.