Texas Special District Local Laws Code 5004.156 – Authority to Borrow Money for Current Expenses; Evidence of Obligation
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(a) The board may:
(1) borrow money for current expenses; and
(2) evidence the borrowed money by notes or warrants payable not later than the close of the calendar year for which the loan is made.
(b) The total amount of the notes or warrants may not exceed the anticipated revenue.
Terms Used In Texas Special District Local Laws Code 5004.156
- Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
- Year: means 12 consecutive months. See Texas Government Code 311.005