Texas Special District Local Laws Code 21.355 – Investments
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(a) The board may place district money in a certificate of deposit of a state or national bank or a state or federal savings and loan association in this state if the money is secured in the manner required for the security of county funds.
(b) The board by resolution may provide that an authorized representative may invest and reinvest district money and provide for money to be withdrawn from the appropriate district accounts for investments on terms the board considers advisable.
Terms Used In Texas Special District Local Laws Code 21.355
- National Bank: A bank that is subject to the supervision of the Comptroller of the Currency. The Office of the Comptroller of the Currency is a bureau of the U.S. Treasury Department. A national bank can be recognized because it must have "national" or "national association" in its name. Source: OCC