Texas Special District Local Laws Code § 1039.159 Spending And Investment Restrictions

Sec. 1039.159. SPENDING AND INVESTMENT RESTRICTIONS. (a) Except as otherwise provided by Section 1039.107(c) and by Subchapter E, the district 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 Subchapter A, Chapter 2256, Government Code.

Added by Acts 2007, 80th Leg., R.S., Ch. 920 (H.B. 3166), Sec. 1.02, eff. April 1, 2009.

Section: Previous  1039.152  1039.153  1039.154  1039.155  1039.156  1039.157  1039.158  1039.159  1039.160  1039.201  1039.202  1039.203  1039.204  1039.205  1039.206  Next

Last modified: September 28, 2016