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Texas Transportation Code - TRANSP § 317.110. Security for and Payment of Bonds Payable From Revenue

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

(a) Revenue bonds may be secured by a pledge of and paid from:

(1) the net revenue derived from the operation or use of all or a designated part of a facility then in existence or to be improved, constructed, or acquired;

(2) the revenue, proceeds, or payments that will accrue to or be received by the municipality under a lease-purchase contract or contract of sale relating to a facility; or

(3) a combination of those sources.

(b) While the principal of or interest on bonds is outstanding, the municipality shall:

(1) impose and collect charges in an amount sufficient to pay:

(A) maintenance and operation expenses of the facility the net revenue of which is pledged;

(B) the interest on the bonds as it accrues; and

(C) the principal of the bonds as the bonds mature; and

(2) make any other payment prescribed by the ordinance or other proceeding authorizing or relating to the issuance of the bonds.

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Cite this article: FindLaw.com - Texas Transportation Code - TRANSP § 317.110. Security for and Payment of Bonds Payable From Revenue - last updated January 01, 2024 | https://codes.findlaw.com/tx/transportation-code/transp-sect-317-110/

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