Sec. 54.105. LIMITATION ON AGGREGATE AMOUNT OF EXPENSE WARRANTS. The aggregate amount of expense warrants issued under Section 54.104(a)(2) that are outstanding at any time during a fiscal year may not exceed 50 percent of the difference between:
(1) the revenue of the board budgeted for that fiscal year; and
(2) the principal of and interest on board obligations other than expense warrants to be paid from the revenue of the board during that fiscal year.
Added by Acts 1999, 76th Leg., ch. 227, Sec. 20, eff. Sept. 1, 1999.
Structure Texas Statutes
Subtitle A - Waterways and Ports
Chapter 54 - Harbor and Port Facilities in Certain Municipalities
Section 54.102. Authority of Municipality to Issue Obligations
Section 54.104. Authority of Board to Issue Obligations
Section 54.105. Limitation on Aggregate Amount of Expense Warrants
Section 54.106. Maturity of Obligation
Section 54.108. Sale of Obligations
Section 54.110. Review and Approval of Contracts Relating to Revenue Obligations
Section 54.111. Security for and Payment of Obligations Payable From Revenue
Section 54.112. Use of Certain Proceeds
Section 54.113. Lease or Sale of Port Improvements and Facilities