Sec. 1507.252. AUTHORITY TO ISSUE WARRANTS OR NOTES. (a) The governing body of a municipality may issue warrants or notes drawn against the current revenues of the municipality for the fiscal year to:
(1) provide for the payment of the municipality's expenses for the fiscal year in which the warrants or notes are issued or for any portion of that fiscal year; or
(2) refund the principal of and interest on warrants and notes issued under this subchapter.
(b) Warrants and notes issued under this subchapter must be dated and numbered consecutively as issued.
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 1507.251. Applicability of Subchapter
Section 1507.252. Authority to Issue Warrants or Notes
Section 1507.253. Pledge of Revenue; Payment
Section 1507.254. Limitation on Amount of Warrants and Notes Issued