(a) The department shall choose a depository for the operating funds of the housing finance division after inviting bids for favorable interest rates.
(b) The housing finance division shall publish notice in at least one newspaper of general circulation in this state no later than the 14th day before the last day set for the receipt of the bids.

(c) Notice published under this section must state the:
(1) types of deposits planned;
(2) last day on which bids will be received; and
(3) time and place for opening bids.
(d) Sealed bids must be:
(1) identified on the envelope as bids; and
(2) submitted to the housing finance division before the deadline for receiving bids.
(e) The housing finance division shall provide a tabulation of all submitted bids for public inspection.
(f) The department shall choose the depository submitting the bid with the most favorable financial terms to the department, considering the security and efficiency with which the depository is capable of managing the department’s funds.