Texas Labor Code 203.102 – Obligation Trust Fund
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(a) The obligation trust fund is a dedicated trust fund outside of the state treasury in the custody of the comptroller. The obligation trust fund is composed of:
(1) revenue received under Section 203.105; and
(2) any surplus revenue transferred from the compensation fund under Section 204.065.
(b) The commission and governor may use money in the obligation trust fund without legislative appropriation to pay:
(1) bond obligations and bond administrative expenses; and
(2) principal and interest incurred on advances from the federal trust fund.
Terms Used In Texas Labor Code 203.102
- Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
- Comptroller: means the state comptroller of public accounts. See Texas Government Code 312.011
- 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.