Texas Government Code § 1504.205 Obligations Not Payable From Taxes

Sec. 1504.205. OBLIGATIONS NOT PAYABLE FROM TAXES. (a) An obligation issued under this subchapter:

(1) is not a debt of the municipality;

(2) may be a charge only on the property of the exposition or convention hall encumbered; and

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

(b) Each contract, bond, 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."

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

Section: Previous  1504.111  1504.112  1504.113  1504.201  1504.202  1504.203  1504.204  1504.205  1504.206  1504.207  1504.208  1504.209  1504.210  1504.211  1504.212  Next

Last modified: September 28, 2016