Texas § 254.054 LIMITATION ON AGGREGATE AMOUNT OF EXPENSE NOTES.

Texas Statutes

§ 254.054 — LIMITATION ON AGGREGATE AMOUNT OF EXPENSE NOTES.

Texas § 254.054

Code LGLocal Government Code

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Bluebook

Tex. Local Government Code Code Ann. § 254.054 (2026).

Text

Sec. 254.054. LIMITATION ON AGGREGATE AMOUNT OF EXPENSE NOTES. 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.

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Sec. 254.054. LIMITATION ON AGGREGATE AMOUNT OF EXPENSE NOTES. 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.