Texas § SD.11007.153 - DEPOSITORY
Full text of Texas The Texas Constitution § SD.11007.153 — DEPOSITORY, with citation guidance and answers to common questions.
§ SD.11007.153. DEPOSITORY
DEPOSITORY. (a) The board shall designate one or more banks inside or outside the district to serve as the depository for the district's money. (b) All district money shall be deposited in the depository designated by the board, except that: (1) bond proceeds and money pledged to pay bonds, to the extent provided in a resolution or trust indenture authorizing or securing district bonds, may be deposited with another bank or trustee named in the bond resolution or trust indenture; and (2) money shall be remitted to each paying agent for the payment of principal of and interest on the bonds. (c) To the extent that money in a depository bank or the trustee bank is not insured by the Federal Deposit Insurance Corporation, the money must be secured in the manner provided by law for the security of the county funds in this state. Added by Acts 2015, 84th Leg., R.S., Ch. 855 (S.B. 1162 ), Sec. 1.07, eff. April 1, 2017.
Frequently Asked Questions About Texas § SD.11007.153
What does The Texas Constitution § SD.11007.153 cover?
Section SD.11007.153 ("DEPOSITORY") is part of the The Texas Constitution, the codified statutory law of Texas. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Texas § SD.11007.153?
A common citation format is "The Texas Constitution § SD.11007.153" (Texas). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Texas law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Texas official source linked on this page or consult a licensed Texas attorney.
How does Texas § SD.11007.153 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Texas can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Texas.