Texas Labor Code - Section 203.259. State Debt Not Created
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Texas Laws > Labor Code > Texas Labor Code - Section 203.259. State Debt Not Created
§ 203.259. STATE DEBT NOT CREATED. (a) A bond issued
under this subchapter, and any related credit agreement, is not a
debt of the state or any state agency or political subdivision of
the state and is not a pledge of the faith and credit of any of them.
A bond or credit agreement is payable solely from revenue as
provided by this subchapter.
(b) A bond, and any related credit agreement, issued under
this chapter must contain on its face a statement to the effect
that:
(1) neither the state nor a state agency, political
corporation, or political subdivision of the state is obligated to
pay the principal of or interest on the bond except as provided by
this subchapter; and
(2) neither the faith and credit nor the taxing power
of the state or any state agency, political corporation, or
political subdivision of the state is pledged to the payment of the
principal of or interest on the bond.
Added by Acts 2003, 78th Leg., ch. 317, § 5, eff. June 18, 2003;
Acts 2003, 78th Leg., ch. 817, § 6.05, eff. June 20, 2003.
Section: 203.252 203.253 203.254 203.255 203.256 203.257 203.258 203.259 203.260 203.261 203.262 204.001 204.002 204.003 204.004
Last modified: August 11, 2007
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