Texas Local Government Code 254.053 – Authority of Board to Issue Obligations
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Terms Used In Texas Local Government Code 254.053
- 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.
- Municipality: means a general-law municipality, home-rule municipality, or special-law municipality. See Texas Local Government Code 1.005
A board by resolution may issue in the name of the board, with the consent of the governing body of the municipality:
(1) obligations payable from revenue in the manner provided by this chapter and refund previously issued obligations;
(2) expense notes drawn against the revenues of the board to pay expenses during the fiscal year of the board in which the notes are issued; and
(3) certificates of participation in contractual obligations to pay money.