Tex. Local Government Code § 254.054
This is the official text of Tex. Local Government Code § 254.054, part of Texas’s Local Government Code — governs the powers and operations of Texas cities and counties.
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§ 254.054. LIMITATION ON AGGREGATE AMOUNT OF EXPENSE NOTES.
Official statutory text
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.
(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.
Status: in_force · Read it on the official government site
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