Texas Special District Local Laws Code 3902.255 – Quarterly Reporting
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(a) After the district incurs an obligation described by § 3902.253 and until all obligations of the district are paid in full or otherwise satisfied, the district shall submit a quarterly financial report to the city.
(b) The report must be based on sound accounting methods and detail:
(1) the obligation incurred;
(2) the amount of the obligation that has been repaid; and
(3) any other information the city requires.
Terms Used In Texas Special District Local Laws Code 3902.255
- 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.