Tex. Fin. Code § 303.003

COMPUTATION OF WEEKLY CEILING

Applied in 1 court decision — leading case All Seasons Window & Door Manufacturing, Inc. v. Red Dot Corp. (2005)

Most recently applied in All Seasons Window & Door Manufacturing, Inc. v. Red Dot Corp. (November 2005)

Amended by Acts 1999, 76th Leg., ch. 62, Sec. 7.18(a), eff

(a) The weekly ceiling is computed by:

(1) multiplying the auction rate by two; and

(2) rounding the result obtained under Subdivision (1) to the nearest one-quarter of one percent.

(b) The weekly rate ceiling becomes effective on Monday of each week and remains in effect through the following Sunday.

(c) In this subchapter, "auction rate" means the auction average rate quoted on a bank discount basis for 26-week treasury bills issued by the United States government, as published by the Federal Reserve Board, for the week preceding the week in which the weekly rate ceiling is to take effect.

Official source: Texas Constitution and Statutes. Reproduced from public-domain Texas statutes; confirm against the official source for the current text. Not legal advice.