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Texas Insurance Code - INS § 2210.6355. Source of Payment;  State Debt Not Created

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

(a) A financing arrangement entered into under Section 2210.632 is payable solely from revenue as provided by this subchapter.

(b) A financing arrangement entered into under Section 2210.632 is not a debt of this state or any state agency or political subdivision of this state and does not constitute a pledge of the faith and credit of this state or any state agency or political subdivision of this state.

(c) Each financing arrangement entered into under Section 2210.632 must state that:

(1) except as otherwise provided by this subchapter, neither this state nor a state agency, political corporation, or political subdivision of this state is obligated to pay the principal of or interest on the financing arrangement;  and

(2) neither the faith and credit nor the taxing power of this state or a state agency, political corporation, or political subdivision of this state is pledged to the payment of the principal of or interest on the financing arrangement.

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Cite this article: FindLaw.com - Texas Insurance Code - INS § 2210.6355. Source of Payment;  State Debt Not Created - last updated January 01, 2024 | https://codes.findlaw.com/tx/insurance-code/ins-sect-2210-6355/

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