(a) Except as provided by Sections 1045.112, 1045.202, 1045.205, and 1045.206, the district may not incur a debt payable from district revenue other than the revenue on hand or to be on hand in the current and immediately following district fiscal years.(b) The board may invest operating, depreciation, or building reserves in:(1) funds or securities specified by Chapter 2256, Government Code; or(2) any other investment vehicle or fund if the board determines that investing the reserves in that vehicle or fund:(A) is in the district's best interest; and(B) does not violate the Texas Constitution. Added by Acts 2007, 80th Leg., R.S., Ch. 920 (H.B. 3166), Sec. 1.02, eff. April 1, 2009.
Texas Legal Code