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Texas Special District Local Laws Code - SDLL § 5010.0504. Revenue Bonds

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

(a) The district may pledge all or part of the revenue derived from any source other than taxation to the payment of revenue bonds issued by the district, including:

(1) revenue derived from the operation of:

(A) existing facilities;

(B) facilities to be acquired wholly or partly with the proceeds of the bonds; and

(C) other facilities to be acquired, regardless of the source of financing;

(2) royalties and rentals from the lease of oil, gas, or other mineral properties owned by the district; and

(3) revenue derived from property owned by the district and leased to others.

(b) As considered necessary to ensure the marketability of the obligations, a resolution or order authorizing the issuance of revenue bonds may contain covenants with the holders of the obligations as to:

(1) the development, management, and operation of the district's improvements and facilities;

(2) the collection of fees and charges for the use of the improvements and facilities;

(3) the disposition of the fees and charges;

(4) the issuance of future obligations and the creation of future liens and encumbrances against the improvements and facilities and the revenue of the improvements and facilities; and

(5) other pertinent matters.

(c) Revenue bonds, if payable from a source other than taxation, may be issued on a parity with other revenue bonds issued under this chapter or other applicable law, and the revenue bonds and parity revenue bonds may be payable from the same source.

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Cite this article: FindLaw.com - Texas Special District Local Laws Code - SDLL § 5010.0504. Revenue Bonds - last updated January 01, 2024 | https://codes.findlaw.com/tx/special-district-local-laws-code/sdll-sect-5010-0504/

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