Texas Transportation Code 463.101 – Powers and Authority of Executive Committee
(a) The executive committee may:
(1) employ and prescribe the compensation for a chief executive officer whom the committee may designate as the general manager or the executive director;
(2) appoint auditors and attorneys and prescribe their duties, compensation, and tenure;
(3) adopt a seal for the authority;
(4) set the fiscal year for the authority;
(5) establish a complete system of accounts for the authority;
(6) designate by resolution an authorized representative of the authority to, according to terms prescribed by the executive committee:
(A) invest authority funds; and
(B) withdraw money from authority accounts for investments; and
(7) designate by resolution an authorized representative of the authority to supervise the substitution of securities pledged to secure authority funds.
(b) The executive committee is the local designated recipient of funds committed to the authority by the federal government.
Terms Used In Texas Transportation Code 463.101
- 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.