Texas Government Code 480.0205 – Limitation On Certain Disbursements
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(a) A disbursement from the events trust fund is limited to five percent of the cost of a structural improvement or a fixture if:
(1) an obligation is incurred under an event support contract to make the improvement or add the fixture to a site for an event; and
(2) the improvement or fixture is expected to derive most of its value in subsequent uses of the site for future events.
(b) The remainder of an obligation described by Subsection (a) is not eligible for a disbursement from the events trust fund, unless the obligation is for an improvement or fixture for a publicly owned facility.
Terms Used In Texas Government Code 480.0205
- Contract: A legal written agreement that becomes binding when signed.
- 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.
- Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.