Sec. 321.077. BONDS NOT STATE OR COUNTY DEBT. (a) The bonds are not a debt of the county or this state within the meaning of any constitutional or statutory provision, but are payable solely from the revenues pledged to their payment as provided by this subchapter.
(b) Each bond must contain on its face substantially the following provision: "The holder hereof shall never have the right to demand payment of this obligation out of any funds raised or to be raised by taxation."
(c) The bonds may not be considered in determining the power of the county to incur obligations payable from taxation.
Acts 1987, 70th Leg., ch. 149, Sec. 1, eff. Sept. 1, 1987.
Section: Previous 321.042 321.043 321.044 321.045 321.046 321.047 321.048 321.049 321.071 321.072 321.073 321.074 321.075 321.076 321.077Last modified: September 28, 2016