Section 293.027 - Operation of Authority(a) The property of the authority must be held and operated only for governmental and public purposes, for the use and benefit of the public, and without private profit. The property of the authority is exempt from taxation.(b) The authority shall charge rent, impose charges, and use its sources of revenue to generate revenue sufficient to: (1) pay the expenses related to ownership, operation, and upkeep of the authority's property;(2) pay interest on the authority's bonds as it becomes due;(3) create a sinking fund to pay the authority's bonds as they come due; and(4) create and maintain a bond reserve fund and other funds as provided in the bond resolution or trust indenture.Tex. Loc. Gov't. Code § 293.027
Acts 1987, 70th Leg., ch. 149, Sec. 1, eff. 9/1/1987.