Texas Transportation Code 172.254 – Depository
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(a) The board by resolution shall name one or more banks for the deposit of district funds.
(b) District funds are public funds and may be invested in securities permitted by Chapter 2256, Government Code.
Terms Used In Texas Transportation Code 172.254
- 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.
(c) To the extent district funds are not insured by the Federal Deposit Insurance Corporation or its successor, the funds shall be collateralized in the manner provided for county funds.