The governing body of a municipality that issues bonds under this subchapter shall:
(1) if practicable, require that:
(A) the bond proceeds be deposited in an account in a bank that is a member of the Federal Reserve System; and
(B) each deposit be secured by direct obligations of the United States that have an aggregate market value at least equal to the amount of proceeds then on deposit; or
(2) if it is not practicable for the bond proceeds to be deposited as provided by Subdivision (1), deposit the proceeds in a bank or other depository that will secure the deposit to the governing body's satisfaction.