Texas Transportation Code

§ 54.105 — LIMITATION ON AGGREGATE AMOUNT OF EXPENSE WARRANTS

TN § 54.105Title 4. NAVIGATION · Part A. WATERWAYS AND PORTS · Ch. 54. HARBOR AND PORT FACILITIES IN CERTAIN MUNICIPALITIES · Art. C. OBLIGATIONS

Statute text

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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.

Legislative history

Added by Acts 1999, 76th Leg., ch. 227, Sec. 20, eff. Sept. 1, 1999.