Tex. Gov't Code § 1507.254 · Subchapter F. BONDS FOR PAYMENT OF CURRENT EXPENSES IN MUNICIPALITIES WITH A POPULATION OF 161,000 OR MORE
LIMITATION ON AMOUNT OF WARRANTS AND NOTES ISSUED.
Text — Current through the 89th 2nd Called Legislative Session, 2025
(a) The governing body may not issue warrants or notes under this subchapter in an amount exceeding 80 percent of the difference between:
(1) the estimated revenue of the municipality for the fiscal year; and
(2) the sum of:
(A) the interest on the bonded indebtedness of the municipality to be paid from that revenue; and
(B) any amount that the municipality is required to pay from that revenue into a sinking fund, special fund, or special trust fund of the municipality.
(b) The limitation prescribed by Subsection (a) does not apply to warrants or notes issued for refunding purposes.
(c) The aggregate principal amount of warrants or notes issued under this subchapter and outstanding at any time in a fiscal year may not exceed the greatest amount by which the proposed expenditures for the fiscal year are estimated by the governing body to exceed the estimated revenue available for payment of warrants and notes during the fiscal year, as computed under Subsection (a).
Notes and commentary — not statutory text
History
Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999.
Source of truth
- Edition
- Current through the 89th 2nd Called Legislative Session, 2025
- Official file
- https://statutes.capitol.texas.gov/Docs/GV/htm/GV.1507.htm
- Text hash
- sha256 dfd17ea82b828cfe024cb8d56da77903320cd19948c13a40ef38e85f14fb42d4
- Composed by
- compose_tx.py 2026-10-05: the Legislative Council's chapter files read in document order; verify_tx.py's independent reading (lxml DOM walk) agrees character for character
Procedural information only. Not legal advice and not a substitute for the advice of an attorney. Confirm the current text with the official publisher before relying on it.