Sec. 1471.012. EMERGENCY NOTES

Latest version.

(a) If money is not available, a political subdivision may:
(1) declare an emergency to:
(A) pay the principal of and interest on bonds issued under this chapter any part of which is payable from taxes; or
(B) meet any other need of the political subdivision; and
(2) issue tax or bond anticipation notes to borrow the money needed.
(b) Notes issued under this section must mature not later than one year after their date.

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

                    
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