Texas Transportation Code

§ 172.254 — DEPOSITORY

TN § 172.254Title 5. RAILROADS · Part I. SPECIAL DISTRICTS · Ch. 172. RURAL RAIL TRANSPORTATION DISTRICTS · Art. F. FINANCIAL PROVISIONS

Statute text

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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.

(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.

Legislative history

Added by Acts 2009, 81st Leg., R.S., Ch. 85 (S.B. 1540), Sec. 2.04, eff. April 1, 2011.