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Texas Local Government Code - LOC GOV'T § 501.207. Bonds Not Debt of State or Authorizing Unit

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

(a) Bonds issued under this subtitle are not a debt or pledge of the faith and credit of this state, the authorizing unit of the corporation issuing the bonds, or any other political corporation, subdivision, or agency of this state.

(b) The revenue bonds issued under this subtitle must contain on their face a statement to the effect that:

(1) neither this state, the authorizing unit of the corporation issuing the bonds, nor any other political corporation, subdivision, or agency of this state is obligated to pay the principal of or the interest on the bonds; and

(2) neither the faith and credit nor the taxing power of this state, the authorizing unit of the corporation issuing the bonds, or any other political corporation, subdivision, or agency of this state is pledged to the payment of the principal of or the interest on the bonds.

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Cite this article: FindLaw.com - Texas Local Government Code - LOC GOV'T § 501.207. Bonds Not Debt of State or Authorizing Unit - last updated January 01, 2024 | https://codes.findlaw.com/tx/local-government-code/loc-gov-t-sect-501-207/

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