1253.002 – LIMITATION ON AUTHORITY TO ISSUE GENERAL
Texas Government Code § 1253.002
Summary
This law restricts political subdivisions from issuing general obligation bonds for real property improvements or personal property purchases if the bonds' weighted average maturity exceeds a specified limit. It aims to ensure fiscal responsibility and limit long-term debt obligations.
Limits bond issuance for real and personal property improvements.
Weighted average maturity must not exceed 120 percent.
Applies to political subdivisions only.
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In simple terms: Learn about Texas's LIMITATION ON AUTHORITY TO ISSUE GENERAL law, including definitions, penalties, and legal implications.. This means people must follow this rule, and breaking it can lead to criminal penalties.
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