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Current as of January 01, 2024 | Updated by FindLaw Staff
Bonds secured solely by a pledge of project revenue:
(1) are not a debt of the county issuing the bonds but are solely a charge on project revenue;
(2) may not be considered in determining the power of the county to issue for any purpose bonds payable in whole or in part from taxes; and
(3) must state: “The holder hereof shall never have the right to demand payment of this obligation out of any funds raised or to be raised by taxation.”
Cite this article: FindLaw.com - Texas Transportation Code - TRANSP § 284.036. Bonds Secured Solely by Revenue - last updated January 01, 2024 | https://codes.findlaw.com/tx/transportation-code/transp-sect-284-036/
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 or via Westlaw before relying on it for your legal needs.
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