Tex. Gov't Code § 404.123

Current with legislation from the 2023 Regular and Special Sessions signed by the Governor as of November 21, 2023.

Section 404.123 - Notes Authorized

(a) In anticipation of a temporary cash shortfall in the general revenue fund during any fiscal year, the comptroller, subject to Section 404.124, may issue, sell, and deliver tax and revenue anticipation notes on behalf of the state.

(b) The committee may impose a limit on the sum of the total amount of the notes outstanding and the total outstanding liability of the general revenue fund under Section 403.092.

(c) Tax and revenue anticipation notes are not debts of the state within the meaning of any state constitutional prohibition. The notes may be used solely to coordinate the state's cash flow within each fiscal biennium.

(d) All notes must mature and be paid in full during the fiscal biennium in which they were issued. The notes must be signed by the governor.

(e) The notes are not subject to review by the Bond Review Board.

Tex. Gov't. Code § 404.123

Amended By Acts 2003, 78th Leg., ch. 1310, Sec. 28, eff. 6/20/2003.

Amended By Acts 2001, 77th Leg., ch. 1420, Sec. 8.232, eff. 9/1/2001

Amended By Acts 1997, 75th Leg., ch. 1423, Sec. 7.79, eff. 9/1/1997

Amended By Acts 1995, 74th Leg., ch. 426, Sec. 29, eff. 6/9/1995

Amended By Acts 1989, 71st Leg., ch. 4, Sec. 2.10(a), eff. 9/1/1989

Acts 1987, 70th Leg., ch. 147, Sec. 1, eff. 9/1/1987.

Amended by Acts 1987, 70th Leg., 2nd C.S., ch. 53, Sec. 2.002, 2.006, eff. 9/1/1987