Texas Government Code 1507.252 – Authority to Issue Warrants or Notes
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(a) The governing body of a municipality may issue warrants or notes drawn against the current revenues of the municipality for the fiscal year to:
(1) provide for the payment of the municipality’s expenses for the fiscal year in which the warrants or notes are issued or for any portion of that fiscal year; or
(2) refund the principal of and interest on warrants and notes issued under this subchapter.
(b) Warrants and notes issued under this subchapter must be dated and numbered consecutively as issued.
Terms Used In Texas Government Code 1507.252
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- Year: means 12 consecutive months. See Texas Government Code 311.005