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Texas Government Code - GOV'T § 1503.003. Pledge of Tax for Operation and Maintenance Expenses;  Proceeds

Current as of January 01, 2024 | Updated by Findlaw Staff

(a) In addition to or instead of the pledge of revenue and income of the airport authorized by Subchapter C,   1 a municipality may impose and pledge to the payment of the operation and maintenance expenses of the airport a continuing annual ad valorem tax at a rate sufficient for that purpose, as provided in the ordinance authorizing the issuance of bonds under this subchapter.

(b) A tax under this section:

(1) must be imposed at a rate within any limit contained in the municipal charter;  and

(2) may not be used for the payment of the principal of or interest on the bonds.

(c) The proceeds of a tax pledged under this section shall be used annually, to the extent required by or provided in the ordinance authorizing the bonds, for the operation and maintenance of the airport.

1  V.T.C.A., Government Code § 1503.101 et seq.
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Cite this article: FindLaw.com - Texas Government Code - GOV'T § 1503.003. Pledge of Tax for Operation and Maintenance Expenses;  Proceeds - last updated January 01, 2024 | https://codes.findlaw.com/tx/government-code/gov-t-sect-1503-003/

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