Section 505.104 - Bond Repayment(a) Bonds or other obligations that mature in 30 years or less and that are issued to pay the costs of projects of a type added to the definition of "project" by Subchapter D may be made payable from any source of funds available to the Type B corporation, including the proceeds of a sales and use tax imposed under this chapter.(b) Bonds or other obligations that by their terms are payable from the tax proceeds: (1) may not be paid wholly or partly from any property taxes imposed or to be imposed by the authorizing municipality; and(2) are not a debt of and do not give rise to a claim for payment against the authorizing municipality, except as to sales and use tax revenue held by the municipality and required under this chapter to be delivered to the Type B corporation.Tex. Loc. Gov't. Code § 505.104
Added by Acts 2007, 80th Leg., R.S., Ch. 885, Sec. 3.01, eff. 4/1/2009.