Sec. 1431.006. LIMITATION ON NOTES TO PAY EXPENSES. (a) Anticipation notes issued for the purposes described by Section 1431.004(a)(2) may not, in the fiscal year in which the attorney general approves the notes:
(1) for a municipality, exceed 75 percent of the revenue or taxes anticipated to be collected in that year;
(2) for a county or an eligible countywide district, exceed 50 percent of the revenue or taxes anticipated to be collected in that year; or
(3) for an eligible school district, exceed 75 percent of the income of the district for the fiscal year preceding that year.
(b) This section does not apply to an anticipation note or other obligation issued under Section 1431.015.
Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999. Amended by Acts 2001, 77th Leg., ch. 1183, Sec. 5, eff. Sept. 1, 2001.
Amended by:
Acts 2007, 80th Leg., R.S., Ch. 929 (H.B. 3270), Sec. 2, eff. June 15, 2007.
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