(a) Except as otherwise provided by this chapter, the district may not incur an obligation payable from district revenue other than the revenue on hand or to be on hand in the current and following district fiscal years.
(b) The board shall invest operating, depreciation, or building reserves in accordance with Chapter 2256, Government Code.

Terms Used In Texas Special District Local Laws Code 1038.160

  • 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.
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