Texas Government Code - GOV'T § 1505.106. Obligations Not Payable From Taxes
Current as of April 14, 2021 | Updated by FindLaw Staff
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(a) An obligation issued under this subchapter:
(1) is not a debt of the municipality;
(2) may be a charge only against the revenue, property, or improvement pledged for the payment of the obligation; and
(3) may not be included in determining the power of the municipality to issue bonds or lend its credit for any purpose authorized by law.
(b) Each obligation issued under this subchapter must contain the following provision: “The holder of this obligation is not entitled to demand payment of this obligation from any money raised by taxation.”
Cite this article: FindLaw.com - Texas Government Code - GOV'T § 1505.106. Obligations Not Payable From Taxes - last updated April 14, 2021 | https://codes.findlaw.com/tx/government-code/gov-t-sect-1505-106.html
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