Texas § WA.58.353 - AMORTIZATION AND EMERGENCY FUND
Full text of Texas The Texas Constitution § WA.58.353 — AMORTIZATION AND EMERGENCY FUND, with citation guidance and answers to common questions.
§ WA.58.353. AMORTIZATION AND EMERGENCY FUND
AMORTIZATION AND EMERGENCY FUND. (a) The board shall have a competent engineer make an inspection and valuation of the physical property of the district which is subject to decay, obsolescence, injury, or damage by sudden, accidental, or unusual causes, and based on the inspection and valuation, the engineer shall determine as nearly as he can a sufficient amount to be set aside annually to pay for replacement of each item of physical property at the end of its economic life or for the restoration or replacement of any item of physical property if it is lost, injured, or damaged. (b) The board shall set aside a portion of the maintenance fund as it is collected equal to the amount determined under Subsection (a) of this section and shall place this money in the amortization and emergency fund. No part of this fund may be spent except to replace amortized property or to replace or restore lost, injured, or damaged property. (c) Any amount in the amortization and emergency fund which is not spent for the purposes for which the fund was created may be invested in bonds or interest-bearing securities of the United States. (d) The board is not required to create an amortization and emergency fund, but if the board does create the fund, it shall be kept up and maintained. Added by Acts 1977, 65th Leg., p. 1537, ch. 627, Sec. 1, eff. Aug. 29, 1977. SUBCHAPTER I. BORROWING MONEY
Frequently Asked Questions About Texas § WA.58.353
What does The Texas Constitution § WA.58.353 cover?
Section WA.58.353 ("AMORTIZATION AND EMERGENCY FUND") 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 § WA.58.353?
A common citation format is "The Texas Constitution § WA.58.353" (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 § WA.58.353 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.