Are there any regulations related to public finance, including borrowing?

Yes, Texas has regulations regarding public finance, including borrowing. Texas has a “debt limitation” that limits the total amount of debt that a political subdivision of the state, such as a county, city, school district, or other special district, may incur at any one time. This limitation is calculated as the lesser of 4% of the political subdivision’s taxable property value or a figure set by the Texas State Legislature. Additionally, a political subdivision may not issue bonds unless there is voter approval. In Texas, an election must be held to authorize the issuance of public debt if the debt will be secured by taxes. Furthermore, the Texas Constitution requires voter approval for any debt that will be secured by property taxes, and for any loan agreement that will last for more than one year. Certain exceptions apply if the debt is necessary for emergency or disaster relief, or if the debt is incurred to buy the whole, or a part, of a private business. Additionally, the Texas Constitution requires certain types of contracts to be approved by the Texas Legislature before they can be entered into. These contracts involve the sale of public land, the issuance of bonds, the extension of credit, and the lease and sale of private property for public use. In summary, Texas has several regulations related to public finance and borrowing, including a debt limitation, voter approval requirements, and Texas Legislature approval requirements. It is important to abide by these laws when considering any public finance matters in the state of Texas.

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Are there any regulations related to public finance, including borrowing?

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