SECTION 10.4. Reporting Options Available to Political Subdivisions Generally

(a) In order to comply with §10.2 of this title (relating to Annual Local Debt Report Required from Political Subdivision), on an annual basis, and within 180 days of the end of the most recently completed fiscal year, a political subdivision shall, in accordance with the reporting requirements set forth under Local Government Code, §140.008, either:

(1) submit an Annual Local Debt Report to the comptroller as described in §10.3 of this title (relating to Submission of Annual Local Debt Report to Comptroller), in the form and in the manner prescribed by the comptroller and, if the political subdivision maintains an Internet website, continually maintain a link from its website to the location on the comptroller's website where the political subdivision's financial information may be viewed; or

(2) post its contact information and the information required in an Annual Local Debt Report on the political subdivision's own Internet website and make the report available for inspection by any person in accordance with other law.

(b) For Fiscal Year 2019 and Fiscal Year 2020, a political subdivision shall submit to the comptroller or post the annual debt information described in subsection (a) of this section by the later of 180 days after the end of the respective fiscal year or 180 days after the effective date of this rule, as amended.

(c) A political subdivision that elects to post a report of its financial information on its own Internet website as described in subsection (a)(2) of this section shall provide upon request an electronic link to the location on the political subdivision's website where the information can be viewed to facilitate compliance with the requirements of this subsection and to enable the comptroller to maintain a searchable database of local debt information that is comprehensive, accurate, and complete.

Source Note: The provisions of this §10.4 adopted to be effective January 3, 2018, 42 TexReg 7718; amended to be effective April 5, 2020, 45 TexReg 2207