Sec. 1507.207. PAYMENT OF WARRANTS WHILE NOTES ARE OUTSTANDING. If a warrant is drawn against the municipality's general fund during a calendar year in which a note issued under this subchapter is outstanding, the municipality shall pay the warrant from current funds appropriated for the purpose for which the warrant is drawn. The municipality may not fund or refund the warrant.
Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999.
Structure Texas Statutes
Subtitle J - Specific Authority for Municipalities to Issue Securities
Chapter 1507 - Obligations Relating to Municipal Debt and Expenses
Section 1507.201. Applicability of Subchapter
Section 1507.202. Authority to Issue Notes
Section 1507.204. Authority to Pass Ordinances and Resolutions
Section 1507.207. Payment of Warrants While Notes Are Outstanding