Texas Statutes
Subchapter F. District Finances
Section 286.129. Spending and Investment Limitations

Sec. 286.129. SPENDING AND INVESTMENT LIMITATIONS. (a) Except as provided by Section 286.078(a) and by Sections 286.141, 286.144, and 286.145, the district may not incur a debt payable from revenues of the district other than the revenues on hand or to be on hand in the current and immediately following fiscal year of the district.
(b) The board may invest operating, depreciation, or building reserves only in:
(1) bonds of the United States;
(2) certificates of indebtedness issued by the United States secretary of the treasury;
(3) bonds of this state or a county, municipality, or school district of this state; or
(4) shares or share accounts of savings and loan associations organized under the laws of this state or federal savings and loan associations domiciled in this state, if the shares or share accounts are insured by the Federal Deposit Insurance Corporation.
Added by Acts 1991, 72nd Leg., ch. 14, Sec. 121, eff. Sept. 1, 1991. Amended by Acts 2001, 77th Leg., ch. 1420, Sec. 8.101, eff. Sept. 1, 2001.

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