General and Special Laws of The State of Texas Passed By The Second Called Session of the Sixty-Eighth Legislature and the Regular Session of the Sixty-Ninth Legislature Page: 85
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68th LEGIS-2nd CALLED SESSION
SECTION 44. ANNUAL BUDGET. (a) The board shall prepare and approve an annual
(b) The budget shall contain a complete financial statement, including a statement of:
(1) the outstanding obligations of the district;
(2) the amount of cash on hand to the credit of each fund of the district;
(3) the amount of money received by the district from all sources during the previous year;
(4) the amount of money available to the district from all sources during the ensuing year;
(5) the amount of the balances expected at the end of the year in which the budget is being
(6) the estimated amount of revenues and balances available to cover the proposed budget;
(7) the estimated tax rate that will be required.
SECTION 45. AMENDING BUDGET. After the annual budget is adopted, it may be
amended on the board's approval.
SECTION 46. LIMITATION ON EXPENDITURES. Money may not be spent for an
expense not included in the annual budget or an amendment to it unless the board by order
declares the expense to be necessary.
SECTION 47. DEPOSITORY. (a) The board shall name one or more banks to serve as
depository for district funds.
(b) District funds, other than those transmitted to a bank of payment for bonds issued by the
district, shall be deposited as received with the depository bank and shall remain on deposit. This
section does not limit the power of the board to invest the district's funds as provided by Section
48 of this Act.
(c) Before the district deposits funds in a bank in an amount that exceeds the maximum
amount secured by the Federal Deposit Insurance Corporation, the bank must execute a bond or
provide other security in an amount sufficient to secure from loss the district's funds that exceed
the amount secured by the Federal Deposit Insurance Corporation.
SECTION 48. INVESTMENTS. (a) Funds of the district may be invested and reinvested
by the board or its authorized representative in the following:
(1) direct obligations of or obligations guaranteed directly or indirectly by the United States;
(2) obligations, debentures, notes, or other evidence of indebtedness issued or guaranteed
directly or indirectly by the Association for Cooperatives, Federal Intermediate Credit Banks,
Federal Home Loan Association System, Export-Import Association of the United States,
Federal Land Banks, Federal National Mortgage Association, Federal Home Loan Mortgage
Corporation, Farmers' Home Administration, Tennessee Valley Authority, Federal Farm Credit
System, the Government National Mortgage Association, or successor agencies;
(3) obligations issued by public agencies or municipalities and fully secured as to the payment
of both principal and interest by a pledge of annual contributions under an annual contributions
contract or contracts with the United States, or temporary notes, preliminary loan notes, or
project notes issued by public agencies or municipalities that are fully secured as to the payment
of both principal and interest by a requisition or payment agreement with the United States;
(4) direct and general obligations of or obligations guaranteed by the state the payment of the
principal of and interest on which is a general obligation of the State of Texas;
(5) demand deposits or interest-bearing time deposits, certificates of deposit, or other similar
banking arrangements that are made with a member of the Federal Deposit Insurance
Corporation, or any savings and loan association that is a member of the Federal Savings and
Loan Insurance Corporation, provided those time deposits or certificates of deposit, to the extent
not insured to their full amount, are fully secured by obligations of the types specified in
Subdivision (1), (2), (3), (4), (8), or (9) of this subsection that have a fair market value at least
equal at all times to the amount of such deposits;
(6) repurchase agreements with banks that are members of the Federal Deposit Insurance
Corporation and with members of the Association of Primary Dealers in United States
Government Securities, the underlying securities of which are of the type described in
Subdivisions (1) and (2) of this subsection and each of which is fully secured at all times by
obligations of the same type that have a fair market value, including accrued interest, at least
equal to the amount of the repurchase agreement including accrued interest;
(7) interest-bearing time deposits or repurchase agreements with agencies or intermediaries of
the federal government of the United States that are described in Subdivisions (1) and (2) of this
(8) obligations of this state, any other state within the United States, any nonprofit
corporation, or any instrumentality of this state, any other state, or any nonprofit corporation,
CH 13, SEC 48
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Texas. Legislature. General and Special Laws of The State of Texas Passed By The Second Called Session of the Sixty-Eighth Legislature and the Regular Session of the Sixty-Ninth Legislature, legislative document, 1985; [Austin, Texas]. (https://texashistory.unt.edu/ark:/67531/metapth221803/m1/89/: accessed May 24, 2019), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu; crediting UNT Libraries Government Documents Department.