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Texas Government Code - GOV'T § 1508.106. Obligation Not Payable From Taxes

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

(a) An obligation issued under this subchapter:

(1) is not a debt of the municipality;

(2) may be a charge only on the property and revenue encumbered; and

(3) may not be included in determining the power of the municipality to issue bonds for any purpose authorized by law.

(b) A contract, bond, warrant, or note issued or executed under this subchapter must contain the following provision: “The holder of this obligation is not entitled to demand payment of this obligation out of any money raised by taxation.”

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Cite this article: FindLaw.com - Texas Government Code - GOV'T § 1508.106. Obligation Not Payable From Taxes - last updated January 01, 2024 | https://codes.findlaw.com/tx/government-code/gov-t-sect-1508-106/

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