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.
Added by Acts 1999, 76th Leg., ch. 227, Sec. 9, eff. Sept. 1, 1999.
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