Sec. 1024.160. SPENDING AND INVESTMENT RESTRICTIONS. (a) The district may acquire, sell, lease, or contract for personal property in accordance with Subchapter A, Chapter 271, Local Government Code.
(b) Except as provided by Subsection (a) and Sections 1024.111, 1024.201, 1024.204, and 1024.205, the district may not incur a debt payable from district revenue other than the revenue on hand or to be on hand in the current and immediately following district fiscal years.
(c) The board may invest operating, depreciation, or building reserves only in funds or securities specified by Chapter 2256, Government Code.
Added by Acts 2007, 80th Leg., R.S., Ch. 920 (H.B. 3166), Sec. 1.02, eff. April 1, 2009.
