(a) The board shall select one or more banks to serve as a depository for district money.
(b) District money shall be immediately deposited on receipt with a depository bank to pay the principal of and interest on the district's outstanding bonds on or before the maturity date of the principal and interest.
(c) To the extent that money in a depository bank is not insured by the Federal Deposit Insurance Corporation, the money must be secured in the manner provided by law for the security of county funds.
(d) Membership on the district's board of an officer or director of a bank does not disqualify the bank from being selected as a depository bank.