Sec. 1501.003. PLEDGE OF REVENUE. (a) A municipality may secure bonds issued under this subchapter by a pledge of the net revenue from sewer service provided outside the municipal boundaries.
(b) Bonds issued under this subchapter may be additionally secured by a pledge of all or part of the net revenue from sewer service provided inside the municipal boundaries.
(c) In the ordinance authorizing the issuance of bonds secured only by the net revenue from sewer service provided outside the municipal boundaries, the municipality may:
(1) specify each item of expense or portion of the item to be deducted to compute that net revenue; or
(2) prescribe another formula the governing body of the municipality considers appropriate to compute that net revenue.
Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999.
Section: Previous 1501.001 1501.002 1501.003 1501.004 1501.005 1501.006 1501.007 1501.051 1501.052 1501.101 1501.102 1501.103 1501.151 1501.152 1501.153 NextLast modified: September 28, 2016