Sec. 2203.358. SOURCE OF PAYMENT. (a) Bonds issued under this subchapter are payable only from:
(1) the surcharge fee established under Section 2203.359; or
(2) other sources the association is authorized to levy and charge and from which the association is authorized to collect in connection with paying any portion of the bonds.
(b) The bonds are obligations solely of the association and do not create a pledge, gift, or loan of the faith, credit, or taxing authority of this state.
(c) Each bond must:
(1) include a statement that the state is not obligated to pay any amount on the bond and that the faith, credit, and taxing authority of this state are not pledged, given, or loaned to those payments; and
(2) state on the bond's face that the bond:
(A) is payable solely from the revenue pledged for that purpose; and
(B) is not a legal or moral obligation of the state.
Added by Acts 2005, 79th Leg., Ch. 727 (H.B. 2017), Sec. 2, eff. April 1, 2007.
Section: Previous 2203.351 2203.352 2203.353 2203.354 2203.355 2203.356 2203.357 2203.358 2203.359 2203.360 2203.361 2203.362 2203.363 2203.401 2203.402 NextLast modified: September 28, 2016