Texas Special District Local Laws Code 1100.210 – Spending and Investment Restrictions
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(a) Except as otherwise provided by Sections 1100.104(b), 1100.107, 1100.110, 1100.111, and 1100.211 and Subchapter F, the district may not incur an obligation payable from district revenue other than the revenue on hand or to be on hand in the current and following district fiscal years.
(b) The board may invest district money in funds and securities as prescribed by Chapter 2256, Government Code.
Terms Used In Texas Special District Local Laws Code 1100.210
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.