Public-domain · open source
OpenJurist

Tex. Gov't Code § 1508.106

OBLIGATION NOT PAYABLE FROM TAXES

Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff

(a) An obligation issued under this subchapter:

(1) is not a debt of the municipality;

(2) may be a charge only on the property and revenue encumbered; and

(3) may not be included in determining the power of the municipality to issue bonds for any purpose authorized by law.

(b) A contract, bond, warrant, or note issued or executed under this subchapter must contain the following provision: "The holder of this obligation is not entitled to demand payment of this obligation out of any money raised by taxation."

Official source: Texas Constitution and Statutes. Reproduced from public-domain Texas statutes; confirm against the official source for the current text. Not legal advice.