Texas Local Government Code 281.059 – Depository
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Terms Used In Texas Local Government Code 281.059
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
The board shall designate by order or resolution one or more banks in or out of the authority’s boundaries to serve as the depository for the authority’s funds. All funds of the authority shall be deposited in its depository unless an order or resolution authorizing the issuance of the authority’s bonds requires a different disposition. To the extent that funds in a depository bank are not insured by the Federal Deposit Insurance Corporation, they shall be secured in the manner provided for the security of county funds.