(a) Every two years, the board shall select one or more banks in the district to serve as a depository for district money.
(b) All district money, other than money invested as provided by Section 1114.157(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 part of district money on time deposit; or
(2) purchase certificates of deposit, obligations of the United States, or obligations guaranteed by the United States.