Sec. 2259.063. PAYMENT SOURCE FOR GROUP: LOCAL GOVERNMENT. (a) A local government may make a payment under a risk retention group agreement from proceeds of taxes imposed by and revenues of the local government, including:
(1) ad valorem, sales and use, and hotel occupancy taxes;
(2) revenue derived by the local government from any system or other specified source; or
(3) any combination of taxes and revenue.
(b) A local government that does not have authority to impose ad valorem taxes for payment of contractual debts may make a payment under a risk retention group agreement from an annual appropriation of proceeds of ad valorem taxes the local government is authorized to impose.
Added by Acts 1999, 76th Leg., ch. 227, Sec. 5, eff. Sept. 1, 1999.
Section: Previous 2259.001 2259.002 2259.031 2259.032 2259.033 2259.034 2259.035 2259.036 2259.037 2259.061 2259.062Last modified: September 28, 2016