Sec. 44.011.  FINANCIAL EXIGENCY.  (a)  The board of trustees of a school district may adopt a resolution declaring a financial exigency for the district.  The declaration expires at the end of the fiscal year during which the declaration is made unless the board adopts a resolution before the end of the fiscal year declaring continuation of the financial exigency for the following fiscal year.
(b)  The board is not limited in the number of times the board may adopt a resolution declaring continuation of the financial exigency.
(c)  A board may terminate a financial exigency declaration at any time if the board considers it appropriate.
(d)  Each time the board adopts a resolution under this section, the board must notify the commissioner.  The commissioner by rule shall prescribe the time and manner in which notice must be given to the commissioner under this subsection.
(e)  The commissioner by rule shall adopt minimum standards concerning school district financial conditions that must exist for declaration of a financial exigency by the board of trustees of the district.
Added by Acts 2011, 82nd Leg., 1st C.S., Ch. 8 (S.B. 8), Sec. 19, eff. September 28, 2011.