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Texas Special District Local Laws Code - SDLL § 8506.203. Obligation payable from revenue

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

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

(1) out of the revenue received by the authority with respect to its properties, subject to any prior lien on the revenue conferred by any resolution previously 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 revenue described by Subdivision (1). (Acts 44th Leg., R.S., G.L., Ch. 126, Sec. 9.)

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Cite this article: FindLaw.com - Texas Special District Local Laws Code - SDLL § 8506.203. Obligation payable from revenue - last updated January 01, 2024 | https://codes.findlaw.com/tx/special-district-local-laws-code/sdll-sect-8506-203/

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