Texas Special District Local Laws Code 1024.160 – Spending and Investment Restrictions
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(a) The district may acquire, sell, lease, or contract for personal property in accordance with Subchapter A, Chapter 271, Local Government Code.
(b) Except as provided by Subsection (a) and Sections 1024.111, 1024.201, 1024.204, and 1024.205, the district may not incur a debt payable from district revenue other than the revenue on hand or to be on hand in the current and immediately following district fiscal years.
Terms Used In Texas Special District Local Laws Code 1024.160
- Contract: A legal written agreement that becomes binding when signed.
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Personal property: All property that is not real property.
(c) The board may invest operating, depreciation, or building reserves only in funds or securities specified by Chapter 2256, Government Code.