Texas § 1502.064 CREDIT AGREEMENT FOR RESERVE FUND.

Texas Statutes

§ 1502.064 — CREDIT AGREEMENT FOR RESERVE FUND.

Texas § 1502.064

Code GVGovernment Code

This text of Texas § 1502.064 (CREDIT AGREEMENT FOR RESERVE FUND.) 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. § 1502.064 (2026).

Text

Sec. 1502.064. CREDIT AGREEMENT FOR RESERVE FUND.

(a)The governing body of a municipality may provide that in lieu of or in addition to providing a cash reserve, a credit agreement, as defined by Section 1371.001 , may be used to provide the reserve.

(b)A credit agreement obtained to provide a reserve must be submitted to the attorney general for examination and approval. After approval by the attorney general, the credit agreement is incontestable in any court or other forum for any reason and is a valid and binding obligation of the municipality in accordance with its terms for all purposes.

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Sec. 1502.064. CREDIT AGREEMENT FOR RESERVE FUND. (a) The governing body of a municipality may provide that in lieu of or in addition to providing a cash reserve, a credit agreement, as defined by Section 1371.001 , may be used to provide the reserve.
(b) A credit agreement obtained to provide a reserve must be submitted to the attorney general for examination and approval. After approval by the attorney general, the credit agreement is incontestable in any court or other forum for any reason and is a valid and binding obligation of the municipality in accordance with its terms for all purposes.