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Depository Contracts for School Districts

 

A school district must have a depository bank into which the Texas Education Agency (TEA) can deposit funds for the district. The district creates a depository relationship with a bank by executing a depository contract with the bank.

Related Texas Statutes and Rules

Procedure for Depository Contract—School District

Each school district's depository contract must be renewed every two years. The district must choose to select a depository either by bid or by request for proposals. The school district should review the following documents before sending out forms for bids or requests for proposal to banks:

The forms for bids and requests for proposal are provided in the following links:

All school districts that are selecting a depository must properly complete and electronically submit the following documents to the Texas Education Agency, Division of Financial Compliance:

  • One completed and signed Depository Contract for Funds of Independent School Districts
  • One Vendor Direct Deposit Authorization (VDDA) form, if applicable
  • One completed and signed Texas Surety Bond form, if applicable

The depository contract form and surety bond form are provided in the following links:

For links to the VDDA form and instructions, see Account Information Update.

Extension of Depository Contract

A school district may extend its depository contract for 2 additional two-year terms if:

  • the district did not file an extension in the two previous bienniums and
  • the district and the depository bank agree to extend the current depository contract with no changes to the contract.

To extend the term of its depository contract, the district and depository bank must execute the following form:

Depository Contract Extension Form for Districts (PDF, 390KB)

Account Information Update

If the school district is making changes to the direct deposit account, then the district must submit a Vendor Direct Deposit Authorization form:

Contact List for More Information

For additional information, contact:


Division of Financial Compliance

Phone: (512) 463-9095

E-mail: schoolaudits@tea.state.tx.us

Page last modified on 5/30/2014 10:24:16 AM.