Sec. 1037.159. SPENDING AND INVESTMENT RESTRICTIONS. (a) Except as otherwise provided by Section 1037.107(c) and by Subchapter E, the board may not incur an obligation payable from district revenue other than the revenue on hand or to be on hand in the current and following district fiscal years.
(b) The board may invest operating, depreciation, or building reserves only in funds or securities specified by Chapter 2256, Government Code.
Added by Acts 2007, 80th Leg., R.S., Ch. 920 (H.B. 3166), Sec. 1.02, eff. April 1, 2009.
Last modified: September 28, 2016