Sec. 1503.107. CHARGES FOR SERVICES; RESERVES. If the governing body of a municipality pledges the revenue of a property or facility of an airport to the payment of bonds issued under this subchapter, the governing body shall impose and collect a charge for services rendered in connection with the use of the property or facility in an amount at least sufficient to:
(1) provide for the maintenance and operation expenses of the property or facility;
(2) pay the principal of and interest on the bonds as required by the ordinance authorizing the bonds; and
(3) provide any reserve fund required by the ordinance authorizing the bonds.
Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999.
Section: Previous 1503.061 1503.101 1503.102 1503.103 1503.104 1503.105 1503.106 1503.107 1503.108 1503.109 1503.110 1503.151 1503.152 1503.153 1503.154 NextLast modified: September 28, 2016