Texas Local Government Code 336.304 – Short-Term Bonds
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(a) The board by resolution may issue bonds that are secured by revenue or taxes of the district if the bonds:
(1) have a term of not more than 12 months; and
(2) are payable only from revenue or taxes received on or after the date of their issuance and before the end of the fiscal year following the fiscal year in which the bonds are issued.
(b) Approval by the attorney general or registration with the comptroller is not required for a bond issued under this section.
Terms Used In Texas Local Government Code 336.304
- 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.
- Year: means 12 consecutive months. See Texas Government Code 311.005
(c) An election is not required to issue bonds under this section.