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Texas Local Government Code - LOC GOV'T § 504.104. Assumption or Payment of Preexisting Debt Prohibited

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

A Type A corporation may not:

(1) assume a debt that existed before the date the authorizing municipality authorized the creation of the corporation; or

(2) make an expenditure to pay the principal of or interest on a debt that existed before the date prescribed by Subdivision (1).

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Cite this article: FindLaw.com - Texas Local Government Code - LOC GOV'T § 504.104. Assumption or Payment of Preexisting Debt Prohibited - last updated January 01, 2024 | https://codes.findlaw.com/tx/local-government-code/loc-gov-t-sect-504-104/

FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature before relying on it for your legal needs.

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