(a) The board shall select one or more banks inside or outside the district to serve as a depository for district money.
(b) All district money, other than money invested as provided by Section 1115.160(b) and money transmitted to a bank for payment of bonds or obligations issued or assumed by the district, shall be deposited as received with the depository bank and shall remain on deposit.

(c) This chapter, including Subsection (b), does not limit the power of the board to:
(1) place a part of district money on time deposit; or
(2) purchase certificates of deposit.