Texas § 1431.006 LIMITATION ON NOTES TO PAY EXPENSES.

Texas Statutes

§ 1431.006 — LIMITATION ON NOTES TO PAY EXPENSES.

Texas § 1431.006

Code GVGovernment Code

This text of Texas § 1431.006 (LIMITATION ON NOTES TO PAY EXPENSES.) is published on Counsel Stack Legal Research, covering Texas primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Tex. Government Code Code Ann. § 1431.006 (2026).

Text

Sec. 1431.006. LIMITATION ON NOTES TO PAY EXPENSES.

(a)Anticipation notes issued for the purposes described by Section 1431.004 (a)(2) may not, in the fiscal year in which the attorney general approves the notes:

(1)for a municipality, exceed 75 percent of the revenue or taxes anticipated to be collected in that year;

(2)for a county or an eligible countywide district, exceed 50 percent of the revenue or taxes anticipated to be collected in that year; or

(3)for an eligible school district, exceed 75 percent of the income of the district for the fiscal year preceding that year.

(b)This section does not apply to an anticipation note or other obligation issued under Section 1431.015 .

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Sec. 1431.006. LIMITATION ON NOTES TO PAY EXPENSES. (a) Anticipation notes issued for the purposes described by Section 1431.004 (a)(2) may not, in the fiscal year in which the attorney general approves the notes:
(1) for a municipality, exceed 75 percent of the revenue or taxes anticipated to be collected in that year;
(2) for a county or an eligible countywide district, exceed 50 percent of the revenue or taxes anticipated to be collected in that year; or
(3) for an eligible school district, exceed 75 percent of the income of the district for the fiscal year preceding that year.
(b) This section does not apply to an anticipation note or other obligation issued under Section 1431.015 .

Legislative History

Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999. Amended by Acts 2001, 77th Leg., ch. 1183, Sec. 5, eff. Sept. 1, 2001. Amended by: Acts 2007, 80th Leg., R.S., Ch. 929 (H.B. 3270 ), Sec. 2, eff. June 15, 2007.