Texas Education Code 45.254 – Eligibility
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Terms Used In Texas Education Code 45.254
- 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.
To be eligible for approval by the commissioner for credit enhancement under this subchapter:
(1) bonds must be issued in the manner provided by § 45.054; and
(2) payments of all of the principal of the bonds must be scheduled during the first six months of the state fiscal year.