(a) Anticipation notes issued for the purposes described by § 1431.004(a)(2) may not, in the fiscal year in which the attorney general approves the notes:
(1) for a municipality, exceed 75 percent of the revenue or taxes anticipated to be collected in that year;
(2) for a county or an eligible countywide district, exceed 50 percent of the revenue or taxes anticipated to be collected in that year; or
(3) for an eligible school district, exceed 75 percent of the income of the district for the fiscal year preceding that year.
(b) This section does not apply to an anticipation note or other obligation issued under § 1431.015.

Terms Used In Texas Government Code 1431.006

  • 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.
  • 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.
  • Year: means 12 consecutive months. See Texas Government Code 311.005
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