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Texas Government Code - GOV'T § 1505.105. Security for Payment of Obligations

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

(a) An obligation issued under this subchapter, and interest on the obligation, must be paid by an appropriation or pledge of all revenue derived from:

(1) one or more projects;

(2) any tolls authorized under Section 1505.113 and collected from the operation of an existing bridge or tunnel;  or

(3) both the project and the tolls.

(b) Payment of the obligation may additionally be secured by a mortgage on any project, including a toll bridge or tunnel or reclaimed land.

(c) Any revenue or income derived from one project may be pledged to the payment of an obligation issued to provide for a different project.

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Cite this article: FindLaw.com - Texas Government Code - GOV'T § 1505.105. Security for Payment of Obligations - last updated January 01, 2024 | https://codes.findlaw.com/tx/government-code/gov-t-sect-1505-105/

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