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Texas Local Government Code - LOC GOV'T § 505.104. Bond Repayment

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

(a) Bonds or other obligations that mature in 30 years or less and that are issued to pay the costs of projects of a type added to the definition of “project” by Subchapter D  1 may be made payable from any source of funds available to the Type B corporation, including the proceeds of a sales and use tax imposed under this chapter.

(b) Bonds or other obligations that by their terms are payable from the tax proceeds:

(1) may not be paid wholly or partly from any property taxes imposed or to be imposed by the authorizing municipality; and

(2) are not a debt of and do not give rise to a claim for payment against the authorizing municipality, except as to sales and use tax revenue held by the municipality and required under this chapter to be delivered to the Type B corporation.

1 V.T.C.A., Local Government Code § 505.151 et seq.
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Cite this article: FindLaw.com - Texas Local Government Code - LOC GOV'T § 505.104. Bond Repayment - last updated January 01, 2024 | https://codes.findlaw.com/tx/local-government-code/loc-gov-t-sect-505-104/

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