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Texas Transportation Code - TRANSP § 367.060. Bonds and Warrants Not Payable From Taxes

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

(a) Bonds and warrants issued under this subchapter are not a debt of the municipality that issues them and are a charge only against:

(1) the pledged revenues of the toll bridge; and

(2) the property comprising the toll bridge, if a lien is given on that property.

(b) A bond or warrant issued under this subchapter must include substantially the following provision: “The holder of this obligation is not entitled to demand payment of this obligation out of any money raised by taxation.”

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Cite this article: FindLaw.com - Texas Transportation Code - TRANSP § 367.060. Bonds and Warrants Not Payable From Taxes - last updated January 01, 2024 | https://codes.findlaw.com/tx/transportation-code/transp-sect-367-060/

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