Sec. 54.105. LIMITATION ON AGGREGATE AMOUNT OF EXPENSE WARRANTS. The aggregate amount of expense warrants issued under Section 54.104 (a)(2) that are outstanding at any time during a fiscal year may not exceed 50 percent of the difference between: (1) the revenue of the board budgeted for that fiscal year; and (2) the principal of and interest on board obligations other than expense warrants to be paid from the revenue of the board during that fiscal year.
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