Texas Transportation Code

§ 457.057 — DEPOSIT OF MONEY

TN § 457.057Title 6. ROADWAYS · Part K. MASS TRANSPORTATION · Ch. 457. COUNTY MASS TRANSIT AUTHORITY · Art. B. CREATION AND ADMINISTRATION OF AUTHORITY

Statute text

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(a)The board shall designate one or more banks as depositories for authority funds. All authority money, other than money invested as provided by Section 457.056, shall be deposited in one or more of the authority's depository banks.

(b)Funds in a depository, to the extent that those funds are not insured by the Federal Deposit Insurance Corporation, shall be secured in the manner provided by law for the security of county funds.

Legislative history

Added by Acts 1997, 75th Leg., ch. 165, Sec. 30.35(a), eff. Sept. 1, 1997.