AUTHORITY TO BORROW MONEY FOR CURRENT EXPENSES; EVIDENCE OF OBLIGATION
Added by Acts 2007, 80th Leg., R.S., Ch. 920 (H.B. 3166), Sec. 1.04, eff
(a) The board may:
(1) borrow money for current expenses; and
(2) evidence the borrowed money by notes or warrants payable not later than the close of the calendar year for which the loan is made.
(b) The total amount of the notes or warrants may not exceed the anticipated revenue.
Official source: Texas Constitution and Statutes. Reproduced from public-domain Texas statutes; confirm against the official source for the current text. Not legal advice.