Texas § 54.105 LIMITATION ON AGGREGATE AMOUNT OF EXPENSE WARRANTS.

Texas Statutes

§ 54.105 — LIMITATION ON AGGREGATE AMOUNT OF EXPENSE WARRANTS.

Texas § 54.105

Code TNTransportation Code

This text of Texas § 54.105 (LIMITATION ON AGGREGATE AMOUNT OF EXPENSE WARRANTS.) 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. Transportation Code Code Ann. § 54.105 (2026).

Text

Sec. 54.105. LIMITATION ON AGGREGATE AMOUNT OF EXPENSE WARRANTS. The aggregate amount of expense warrants issued under Section 54.104 (a)(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 warrants to be paid from the revenue of the board during that fiscal year.

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Sec. 54.105. LIMITATION ON AGGREGATE AMOUNT OF EXPENSE WARRANTS. The aggregate amount of expense warrants issued under Section 54.104 (a)(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 warrants to be paid from the revenue of the board during that fiscal year.