Texas § SD.3975.0315 - AUDIT EXEMPTION
Full text of Texas The Texas Constitution § SD.3975.0315 — AUDIT EXEMPTION, with citation guidance and answers to common questions.
§ SD.3975.0315. AUDIT EXEMPTION
AUDIT EXEMPTION. (a) The district may elect to complete an annual financial report in lieu of an annual audit under Section 375.096 (a)(6), Local Government Code, if: (1) the district had no bonds or other long-term (more than one year) liabilities outstanding during the fiscal period; (2) the district did not have gross receipts from operations, loans, taxes, assessments, or contributions in excess of $250,000 during the fiscal period; and (3) the district's cash and temporary investments were not in excess of $250,000 during the fiscal period. (b) Each annual financial report prepared in accordance with this section must be open to public inspection and accompanied by an affidavit signed by a duly authorized representative of the district attesting to the accuracy and authenticity of the financial report. (c) The annual financial report and affidavit shall be substantially similar in form to the annual financial report and affidavit forms prescribed by the executive director of the commission under Section 49.198 , Water Code. Added by Acts 2019, 86th Leg., R.S., Ch. 1257 (H.B. 4662 ), Sec. 1, eff. June 14, 2019.
Frequently Asked Questions About Texas § SD.3975.0315
What does The Texas Constitution § SD.3975.0315 cover?
Section SD.3975.0315 ("AUDIT EXEMPTION") is part of the The Texas Constitution, the codified statutory law of Texas. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Texas § SD.3975.0315?
A common citation format is "The Texas Constitution § SD.3975.0315" (Texas). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Texas law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Texas official source linked on this page or consult a licensed Texas attorney.
How does Texas § SD.3975.0315 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Texas can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Texas.