Tex. Spec. Dists. Code § 8503.012

Current with legislation from the 2023 Regular and Special Sessions signed by the Governor as of November 21, 2023.
Section 8503.012 - Payment of Debts

Any indebtedness, liability, or obligation of the authority for the payment of money, however entered into or incurred and whether arising from contract, implied contract, or otherwise, is payable solely:

(1) out of revenues received by the authority with respect to its properties, subject to any prior lien on the revenues conferred by any resolution or resolutions adopted as provided by this chapter authorizing the issuance of bonds; or
(2) if the board so determines, out of the proceeds of sale by the authority of bonds payable solely from those revenues.

Tex. Spec. Dist. Loc. Laws § 8503.012

Renumbered from Water Code, Section 222.012 by Acts 2007, 80th Leg., R.S., Ch. 921, Sec. 13.006(b), eff. 9/1/2007.
Added by Acts 2003, 78th Leg., ch. 996, Sec. 1, eff. 9/1/2003.