(a) The depository shall:
(1) keep the municipal funds covered by the depository services contract;
(2) perform all duties and obligations imposed on the depository by law and under the depository services contract;
(3) pay on presentation all checks drawn and properly payable on a demand deposit account with the depository;
(4) pay all transfers properly payable as directed by a designated officer;
(5) provide and maintain security at the level required by the provisions of Chapter 2257, Government Code; and
(6) account for the municipal funds as required by law.
(b) Any suit brought in connection with a depository services contract must be tried in the county in which the city hall of the municipality is located.