(a) Except for construction contracts under § 287.077(a) or as provided by Sections 287.142 and 287.143, the district may not incur a debt payable from revenues of the district other than the revenues on hand or to be on hand in the current and immediately following fiscal year of the district.
(b) The board may invest operating, depreciation, or building reserves only in:
(1) bonds of the United States;
(2) certificates of indebtedness issued by the United States secretary of the treasury;
(3) bonds of this state or a county, municipality, or school district of this state; or
(4) shares or share accounts of savings and loan associations organized under the laws of this state or federal savings and loan associations domiciled in this state, if the shares or share accounts are insured by the Federal Deposit Insurance Corporation.

Terms Used In Texas Health and Safety Code 287.129

  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • 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.
  • United States: includes a department, bureau, or other agency of the United States of America. See Texas Government Code 311.005
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