Texas Special District Local Laws Code 5009.101 – Establishment of Fund; Deposits
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(a) The district may establish a promotion and development fund.
(b) The district, from time to time, may deposit in the fund a portion of the district’s accumulated money, plus an amount each year not to exceed 10 percent of the district’s total maintenance and operation taxes, including delinquent taxes, received during a fiscal year.
Terms Used In Texas Special District Local Laws Code 5009.101
- 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.
- Year: means 12 consecutive months. See Texas Government Code 311.005
(c) The commission shall determine the amount to be deposited in the fund.
(d) The money in the fund shall be kept separate from other money and accounts of the district.