(1) The board of directors shall designate one or more qualified state depositories within the district to serve as depositories for the funds of the district, and all funds of the district other than funds required by any trust agreement to be deposited, from time to time, with the trustee or any paying agent for outstanding bonds of the district, shall be deposited in such depository or depositories.
(2) Before designating a depository or depositories, the board of directors shall issue a notice stating the time and place the board will meet for such purpose and inviting the qualified state depositories in the district to submit applications to be designated depositories. The term of service for depositories shall be prescribed by the board. Such notice shall be published one (1) time in a newspaper or newspapers published in the district and specified by the board.
(3) At the time mentioned in the notice, the board shall consider the applications and the management and condition of the depositories filing them, and shall designate as depositories the qualified state depository or depositories which offer the most favorable terms and conditions for the handling of the funds of the district and which the board finds have proper management and are in condition to warrant handling of district funds, and in the manner as provided under the chapter on depositories. Any such designated depository shall be eligible to hold funds of the district to the extent that it is qualified as a depository for state funds. Membership on the board of directors of an officer or director of a depository shall not disqualify such depository from being designated as a depository.
(4) If no applications acceptable to the board are received by the time stated in the notice, the board shall designate some qualified state depository or depositories within the district upon such terms and conditions as it may find advantageous to the district. Any such designated depository shall be eligible to hold funds of the district to the extent that it is qualified as a depository for state funds.
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