Section 317.110 - Security for and Payment of Bonds Payable From Revenue(a) Revenue bonds may be secured by a pledge of and paid from: (1) the net revenue derived from the operation or use of all or a designated part of a facility then in existence or to be improved, constructed, or acquired;(2) the revenue, proceeds, or payments that will accrue to or be received by the municipality under a lease-purchase contract or contract of sale relating to a facility; or(3) a combination of those sources.(b) While the principal of or interest on bonds is outstanding, the municipality shall: (1) impose and collect charges in an amount sufficient to pay:(A) maintenance and operation expenses of the facility the net revenue of which is pledged;(B) the interest on the bonds as it accrues; and(C) the principal of the bonds as the bonds mature; and(2) make any other payment prescribed by the ordinance or other proceeding authorizing or relating to the issuance of the bonds.Tex. Transp. Code § 317.110
Added by Acts 1999, 76th Leg., ch. 227, Sec. 24, eff. Sept. 1, 1999.