Sec. 1036.160. SPENDING AND INVESTMENT RESTRICTIONS. (a) Except as provided by Sections 1036.111, 1036.161, 1036.201, 1036.204, 1036.205, and 1036.210, 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 the immediately following district fiscal years.
(b) 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.
Amended by:
Acts 2011, 82nd Leg., R.S., Ch. 610 (S.B. 490), Sec. 5, eff. September 1, 2011.
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