Tex. Water Code § 49.197 · Subchapter G. AUDIT OF DISTRICTS
FINANCIALLY DORMANT DISTRICTS.
Text — Current through the 89th 2nd Called Legislative Session, 2025
(a) A financially dormant district is a district that had:
(1) $500 or less of receipts from operations, tax assessments, loans, contributions, or any other sources during the calendar year;
(2) $500 or less of disbursements of funds during the calendar year;
(3) no bonds or other long-term (more than one year) liabilities outstanding during the calendar year; and
(4) no cash or investments that exceeded $5,000 at any time during the calendar year.
(b) A financially dormant district may elect to submit to the executive director a financial dormancy affidavit instead of complying with the audit requirements of Section 49.191.
(c) The annual financial dormancy affidavit shall be prepared in a format prescribed by the executive director and shall be submitted for filing by a duly authorized representative of the district.
(d) The affidavit must be filed annually on or before January 31 with the executive director until such time as the district becomes financially active and the board adopts a fiscal year; thereafter, the district shall file annual audit reports as prescribed by this subchapter.
(e) A district that becomes financially dormant after having been financially active shall be required to file annual financial dormancy affidavits on or before January 31, until the district is either dissolved or again becomes financially active.
(f) Districts governed by this section are subject to periodic audits by the executive director.
Notes and commentary — not statutory text
History
Added by Acts 1995, 74th Leg., ch. 715, Sec. 2, eff. Sept. 1, 1995.
Source of truth
- Edition
- Current through the 89th 2nd Called Legislative Session, 2025
- Official file
- https://statutes.capitol.texas.gov/Docs/WA/htm/WA.49.htm
- Text hash
- sha256 561c1eaaf81b36d9f2e3c79864d7acdcf5652d1b403015253d21a4b3a5942642
- 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
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