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Texas Transportation Code - Section 54.105. Limitation On Aggregate Amount Of Expense Warrants

Legal Research Home > Texas Lawyer > Transportation Code > Texas Transportation Code - Section 54.105. Limitation On Aggregate Amount Of Expense Warrants

§ 54.105. LIMITATION ON AGGREGATE AMOUNT OF EXPENSE 
WARRANTS.  The aggregate amount of expense warrants issued under 
Section 54.104(a)(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 warrants to be paid from the revenue of the board 
during that fiscal year.

Added by Acts 1999, 76th Leg., ch. 227, § 20, eff. Sept. 1, 1999.          

Last modified: August 10, 2007