Texas Government Code 1507.253 – Pledge of Revenue; Payment
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(a) A warrant or note issued under this subchapter is a lien on:
(1) the revenue of the municipality for the fiscal year during which the warrant or note is issued that is available for payment of the warrant or note; or
(2) a designated portion of that revenue.
(b) A municipality shall pay a warrant or note:
(1) consecutively according to its respective date and number as money for payment becomes available; or
(2) on a date during the fiscal year on which, in the estimate of the governing body, sufficient revenue will be available for payment of the warrant or note.
Terms Used In Texas Government Code 1507.253
- 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.
- Lien: A claim against real or personal property in satisfaction of a debt.
- Year: means 12 consecutive months. See Texas Government Code 311.005