Texas § GV.855.105 - INDEBTEDNESS
Full text of Texas The Texas Constitution § GV.855.105 — INDEBTEDNESS, with citation guidance and answers to common questions.
§ GV.855.105. INDEBTEDNESS
INDEBTEDNESS; PAYMENT. (a) The board of trustees may: (1) incur indebtedness; (2) on the credit of the retirement system, borrow money to pay expenses incident to the system's operation; (3) renew, extend, or refund its indebtedness; or (4) issue and sell negotiable promissory notes or negotiable bonds of the retirement system. (b) A note or bond issued under this section must mature before the 20th anniversary of the issuance of the note or bond. The rate of interest on the note or bond may not exceed six percent a year. (c) The board shall charge a note or bond issued under this section against the system's expense fund and shall pay the note or bond from that fund. The total indebtedness against the expense fund may not exceed $75,000 at any time. (d) A note or bond issued under this section must expressly state that the note or bond is not an obligation of this state. Acts 1981, 67th Leg., p. 1876, ch. 453, Sec. 1, eff. Sept. 1, 1981. Renumbered from Vernon's Ann.Civ.St. Title 110B, Sec. 65.105 by Acts 1989, 71st Leg., ch. 179, Sec. 1, eff. Sept. 1, 1989.
Frequently Asked Questions About Texas § GV.855.105
What does The Texas Constitution § GV.855.105 cover?
Section GV.855.105 ("INDEBTEDNESS") 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 § GV.855.105?
A common citation format is "The Texas Constitution § GV.855.105" (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 § GV.855.105 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.