(a) The board shall select one or more banks or other federally insured financial institutions inside or outside the district to serve as a depository for district money.
(b) District money, other than money invested as provided by Section 1100.210(b), and money transmitted to a bank for payment of bonds or obligations issued or assumed by the district, shall be deposited as received with the depository and shall remain on deposit.
(c) This chapter, including Subsection (b), does not limit the power of the board to:
(1) place a portion of district money on time deposit; or
(2) purchase certificates of deposit.