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Current as of January 01, 2024 | Updated by Findlaw Staff
(a) An advance may not be refunded, refinanced, or extended.
(b) When district revenues are received, the commissioners court shall apply them to the payment or prepayment of outstanding, unpaid advances under the revenue anticipation agreement if:
(1) those revenues are not required or committed to pay other district obligations and expenses; and
(2) the revenues are received during the term of the revenue anticipation agreement.
(c) Until all advances under a revenue anticipation agreement are repaid, retired, and canceled, an advance may not be made under a subsequent revenue anticipation agreement.
Cite this article: FindLaw.com - Texas Health and Safety Code - HEALTH & SAFETY § 285.005. Refunding Prohibited; Repayment Required - last updated January 01, 2024 | https://codes.findlaw.com/tx/health-and-safety-code/health-safety-sect-285-005/
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature before relying on it for your legal needs.
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