Texas Local Government Code 271.093 – Form of Agreement; Conditions
Current as of: 2024 | Check for updates
|
Other versions
(a) The agreement shall set forth the following:
(1) the proposed date of issuance of the obligation and the name and series of the proposed obligation;
(2) each payment date with respect to the obligation and the principal of and interest on the obligation coming due on each such date; and
(3) the name and address of the financial institution serving as paying agent for the obligation to whom any payment by the comptroller should be made.
(b) This subchapter does not require or permit the state to make an appropriation to any local government and shall not be construed as creating an indebtedness of the state. Any agreement made pursuant to this subchapter shall contain a statement to that effect.
Terms Used In Texas Local Government Code 271.093
- 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.
(c) The agreement terminates at the time the final payment of the principal of and interest on the obligation is made or the obligation is refunded.