Tex. Loc. Gov't Code § 254.054

Current with legislation from the 2023 Regular and Special Sessions signed by the Governor as of November 21, 2023.

Section 254.054 - Limitation on Aggregate Amount of Expense Notes

The aggregate amount of expense notes issued under Section 254.053(2) that are outstanding at any time during a fiscal year may not exceed 50 percent of the difference between:

(1) the revenue of the board budgeted for that fiscal year; and

(2) the principal of and interest on board obligations other than expense notes to be paid from the revenue of the board during that fiscal year.

Tex. Loc. Gov't. Code § 254.054

Added by Acts 1999, 76th Leg., ch. 227, Sec. 9, eff. 9/1/1999.