Authority To Borrow Money For Current Expenses; Evidence of Obligation

Sec. 5004.156. AUTHORITY TO BORROW MONEY FOR CURRENT EXPENSES; EVIDENCE OF OBLIGATION. (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. Added by Acts 2007, 80th Leg., R.S., Ch. 920 (H.B. 3166), Sec. 1.04, eff. April 1, 2009.