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A BILL TO BE ENTITLED
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AN ACT
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relating to the audit report exemption for certain general and |
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special law districts. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Section 49.198, Water Code, is amended to read as |
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follows: |
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Sec. 49.198. AUDIT REPORT EXEMPTION. (a) A district may |
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elect to file annual financial reports with the executive director |
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in lieu of the district's compliance with Section 49.191 provided: |
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(1) the district had no bonds or other long-term (more |
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than one year) liabilities outstanding during the fiscal period; |
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(2) the district did not have gross receipts from |
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operations, loans, taxes, or contributions in excess of $250,000 |
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[$100,000] during the fiscal period; and |
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(3) the district's cash and temporary investments were |
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not in excess of $250,000 [$100,000] at any time during the fiscal |
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period. |
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(b) The annual financial report must be accompanied by an |
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affidavit attesting to the accuracy and authenticity of the |
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financial report signed by a duly authorized representative of the |
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district. |
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(c) The annual financial report and affidavit in a format |
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prescribed by the executive director must be on file with the |
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executive director within 45 days after the close of the district's |
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fiscal year. |
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(d) Districts governed by this section are subject to |
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periodic audits by the executive director. |