(a) If money is not available, a political subdivision may:
(1) declare an emergency to:
- (A) pay the principal of and interest on bonds issued under this chapter any part of which is payable from taxes; or
- (B) meet any other need of the political subdivision; and
- (2) issue tax or bond anticipation notes to borrow the money needed.
- (b) Notes issued under this section must mature not later than one year after their date.
Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999.