Texas School Depository Surety Bond
In accordance with the Texas Education Code (TEC), Chapter 45, Subchapter G, each school district must select a depository or depositories to receive school funds during the biennium term. The board of trustees has the responsibility for making the selection and executing a new contract effective the first day of the new fiscal year, either July 1, 2013, or September 1, 2013. The TEC, §45.205(c), requires that the contract term and any extension coincide with the school district’s fiscal year. As is required by statute, A $100,000.00 Texas School Depository Surety bond must be filed.
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