Damon ISD board approves Prosperity Bank as district depository

The Damon Independent School District Board of Trustees voted unanimously May 21 to accept the public bid and designate Prosperity Bank as the district’s depository for school funds. The motion to approve Prosperity Bank was made by Vice President Ami George and seconded by Trustee Virginia Morris; the vote was 5–0.

District materials in the board packet described interest terms: interest on the net collected balance for interest-bearing checking would be paid at the posted NOW account rate plus 0.60%, and money market accounts would earn the posted rate plus 0.35% (rates are variable and subject to change). The packet also included a standard Depository Contract form under the Texas Education Code, Chapter 45, Subchapter G, and a description of accepted collateral options and safekeeping procedures. The posted terms in the packet noted that all fees would continue to be waived under the proposed contract.

Board members did not record additional conditions or amendments to the contract during the vote. The depository contract in the packet lists a two‑year service term aligned to the district fiscal year beginning Sept. 1, 2026; the board’s approval at Monday’s meeting put the district on record selecting Prosperity Bank as the successful bidder. Next steps recorded in the meeting minutes included standard execution and TEA filing procedures for depository contracts.