(a) Funds received under § 12.106 after September 1, 2001, by a charter holder:
(1) are considered to be public funds for all purposes under state law;
(2) are held in trust by the charter holder for the benefit of the students of the open-enrollment charter school;
(3) may be used only for a purpose for which a school may use local funds under § 45.105(c);
(4) pending their use, must be deposited into a bank, as defined by § 45.201, with which the charter holder has entered into a depository contract; and
(5) may not:
(A) be pledged or used to secure loans or bonds for any other organization, including a non-charter operation or out-of-state operation conducted by the charter holder or a related party, as defined by commissioner rule adopted under § 12.1166; or
(B) be used to support an operation or activity not related to the educational activities of the charter holder.
(b) A charter holder shall deliver to the agency a copy of the depository contract between the charter holder and any bank into which state funds are deposited.