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Texas Government Code - GOV'T § 1477.064. Rates and Charges

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(a) If bonds issued under this subchapter are secured solely by a pledge of net revenue of the project, the commissioners court shall contract for and impose rates and charges for water supplied by the project that will be sufficient to:

(1) operate and maintain the project;

(2) pay when due the principal of and interest on the bonds;  and

(3) establish any reserves provided in the order authorizing the issuance of the bonds.

(b) A bond secured solely by a pledge of net revenue:

(1) is not a debt of the county issuing the bond;

(2) may be a charge only on pledged revenue of a project;

(3) may not be included in determining the power of the county to issue bonds or incur other debt for any purpose authorized by law;  and

(4) must contain the following provision:  “The holder of this bond is not entitled to demand payment of this obligation out of any money raised by taxation.”

Cite this article: - Texas Government Code - GOV'T § 1477.064. Rates and Charges - last updated April 14, 2021 |

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