Texas § SD.1039.158 - DEPOSITORY
Full text of Texas The Texas Constitution § SD.1039.158 — DEPOSITORY, with citation guidance and answers to common questions.
§ SD.1039.158. DEPOSITORY
DEPOSITORY. (a) The board shall select one or more banks inside or outside the district to serve as a depository for district money. (b) District money, other than money invested as provided by Section 1039.159 (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 place a part of district money on time deposit or to purchase certificates of deposit of a state or national bank that is a member of the Federal Deposit Insurance Corporation. (d) The district may not deposit money with a bank in an amount that exceeds the maximum amount insured by the Federal Deposit Insurance Corporation unless the bank first executes a bond or provides other security in an amount sufficient to secure from loss the district money that exceeds the amount insured by the Federal Deposit Insurance Corporation. Added by Acts 2007, 80th Leg., R.S., Ch. 920 (H.B. 3166 ), Sec. 1.02, eff. April 1, 2009.
Frequently Asked Questions About Texas § SD.1039.158
What does The Texas Constitution § SD.1039.158 cover?
Section SD.1039.158 ("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.1039.158?
A common citation format is "The Texas Constitution § SD.1039.158" (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.1039.158 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.