Texas Special District Local Laws Code 1039.159 – Spending and Investment Restrictions
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(a) Except as otherwise provided by Section 1039.107(c) and by Subchapter E, the district may not incur an obligation payable from district revenue other than the revenue on hand or to be on hand in the current and following district fiscal years.
(b) The board may invest operating, depreciation, or building reserves only in funds or securities specified by Subchapter A, Chapter 2256, Government Code.
Terms Used In Texas Special District Local Laws Code 1039.159
- 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.