TITLE: Relating to certain conservation and reclamation districts exempted from filing a full audit.

SUMMARY: Relating to certain conservation and reclamation districts exempted from filing a full audit.

FULL TEXT:
AN ACT relating to certain conservation and reclamation districts exempted from filing a full audit. BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: SECTION 1. Section 49.198(a), Water Code, is amended to read as follows: (a) A district may elect to file annual financial reports with the executive director in lieu of the district's compliance with Section 49.191 provided: (1) the district had no bonds or other long-term (more than one year) liabilities outstanding during the fiscal period; (2) the district did not have gross receipts from operations, loans, taxes, or contributions in excess of $250,000 [$100,000] during the fiscal period; and (3) the district's cash and temporary investments were not in excess of $250,000 [$100,000] during the fiscal period. SECTION 2. Section 49.198(a), Water Code, as amended by this Act, applies to a district that files its annual financial report on or after the effective date of this Act. A district that files its annual financial report before the effective date of this Act is governed by the law in effect on the date the report is filed, and that law is continued in effect for that purpose. SECTION 3. This Act takes effect immediately if it receives a vote of two-thirds of all the members elected to each house, as provided by Section 39, Article III, Texas Constitution.