(a) Not later than the 30th day after the appointment of the board, the board shall:
(1) select a depository for district funds in the manner provided by law for the selection of a county depository; or
(2) elect to use the county depository.
(b) If the board selects a depository in accordance with Subsection (a)(1), the depository shall serve as the district depository for two years and until its successor is selected and qualified.
(c) All income of the district shall be deposited in the district depository.
(d) The county clerk's signature is not required on warrants against district funds.