Texas Local Government Code 324.101 – Replacement Fund
Current as of: 2024 | Check for updates
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(a) The board may establish a replacement fund. It may deposit in the fund any amounts from its revenue that it considers appropriate.
(b) The replacement fund may be used to rebuild on the original site or elsewhere, restore, repair, or improve property of the district that is destroyed or injured or that is necessary to expand, improve, demolish, repair, or replace because of its unfitness.
Terms Used In Texas Local Government Code 324.101
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Property: means real and personal property. See Texas Government Code 311.005
- United States: includes a department, bureau, or other agency of the United States of America. See Texas Government Code 311.005
(c) The board may invest the replacement fund in bonds of the United States, this state, or a county, municipal corporation, or school district of this state.