TX SB1042

Reduces the residency requirement for board director candidates from two years to one year and eliminates the requirement that candidates be property tax paying voters, while adding a prohibition on district employees serving as directors

Removes the requirement for directors to execute a $1,000 commercial bond, replacing it with only the constitutional oath of office and anti-bribery statement that must be maintained indefinitely in district records

Expands the authorized scope of the hospital system to explicitly include domiciliary care for sick, injured, or elderly persons, outpatient clinics, pharmacies, skilled nursing facilities, community health centers, and assisted living facilities

Grants the board flexibility to establish the district's fiscal year (previously fixed as October 1 to September 30), delegate budget preparation duties, and amend adopted budgets, with restrictions during periods when revenue bonds are outstanding

Allows the district to designate any bank in Texas (rather than only banks in Kimble County) as its depository for up to five years (increased from two years), with a new requirement to solicit bids and consider service levels, investment returns, and costs