Sec. 1508.109. RENTS AND CONCESSION CHARGES. (a) The governing body that manages and controls a project under Section 1508.111 shall impose and collect rents and concession charges for the use of the project in an amount sufficient to pay:
(1) all operating and maintenance expenses, depreciation, replacements, salaries, and interest charges;
(2) for an interest and sinking fund sufficient to pay any bonds issued to purchase, construct, maintain, or improve the project; and
(3) any outstanding debt against the project.
(b) The governing body may not allow any free use of or free service in connection with the project.
(c) The charges imposed under Subsection (a) must comply with the requirements of any governmental agency lending or providing funds for the project.
Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999.
Section: Previous 1508.102 1508.103 1508.104 1508.105 1508.106 1508.107 1508.108 1508.109 1508.110 1508.111 1508.112 1508.113 1508.151 1508.152 1508.153 NextLast modified: September 28, 2016