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Texas Government Code - GOV'T § 1509.004. Bond Payments From Revenue or Taxes

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

(a) A municipality may provide for payment of the principal of and interest on bonds issued under this subchapter by:

(1) pledging all or part of the revenue from the sale or lease of all or part of the land, building, or other facility financed by the bonds, after deduction of reasonable operation and maintenance costs;

(2) imposing an annual ad valorem tax;  or

(3) combining those sources.

(b) A municipality with a population of 80,000 or more may also provide for the payment of the principal of or interest on the bonds by pledging all or any part of other municipal revenue that is not prohibited from being used for that payment.

(c) A municipality with a population of at least 50,000 that has taken action under Section 1509.001(a)(3) may also provide for the payment of the principal of or interest on the bonds issued to finance the action taken by pledging all or any part of other municipal revenue that the municipality is not prohibited from using for that payment.

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Cite this article: FindLaw.com - Texas Government Code - GOV'T § 1509.004. Bond Payments From Revenue or Taxes - last updated January 01, 2024 | https://codes.findlaw.com/tx/government-code/gov-t-sect-1509-004/

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