Texas Government Code 404.123 – Notes Authorized
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(a) In anticipation of a temporary cash shortfall in the general revenue fund during any fiscal year, the comptroller, subject to § 404.124, may issue, sell, and deliver tax and revenue anticipation notes on behalf of the state.
(b) The committee may impose a limit on the sum of the total amount of the notes outstanding and the total outstanding liability of the general revenue fund under § 403.092.
Terms Used In Texas Government Code 404.123
- Comptroller: means the state comptroller of public accounts. See Texas Government Code 312.011
- 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.
- Signed: includes any symbol executed or adopted by a person with present intention to authenticate a writing. See Texas Government Code 311.005
(c) Tax and revenue anticipation notes are not debts of the state within the meaning of any state constitutional prohibition. The notes may be used solely to coordinate the state’s cash flow within each fiscal biennium.
(d) All notes must mature and be paid in full during the fiscal biennium in which they were issued. The notes must be signed by the governor.
(e) The notes are not subject to review by the Bond Review Board.