Tex. Gov't Code § 1506.004

Current with legislation from the 2023 Regular and Special Sessions signed by the Governor as of November 21, 2023.

Section 1506.004 - Bonds Not Payable From Taxes

(a) A bond issued under this subchapter:

(1) is not a debt of the municipality;

(2) may be a charge only on the revenue pledged for the payment of the bond; and

(3) may not be included in determining the power of the municipality to issue bonds payable from taxation.

(b) A bond issued under this subchapter must contain on its face the following provision: "The holder of this obligation is not entitled to demand payment of this obligation out of any money raised by taxation."

Tex. Gov't. Code § 1506.004

Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. 9/1/1999.