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Texas Special District Local Laws Code - SDLL § 8503.012. Payment of Debts

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

Any indebtedness, liability, or obligation of the authority for the payment of money, however entered into or incurred and whether arising from contract, implied contract, or otherwise, is payable solely:

(1) out of revenues received by the authority with respect to its properties, subject to any prior lien on the revenues conferred by any resolution or resolutions adopted as provided by this chapter authorizing the issuance of bonds; or

(2) if the board so determines, out of the proceeds of sale by the authority of bonds payable solely from those revenues.

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Cite this article: FindLaw.com - Texas Special District Local Laws Code - SDLL § 8503.012. Payment of Debts - last updated January 01, 2024 | https://codes.findlaw.com/tx/special-district-local-laws-code/sdll-sect-8503-012/

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