Sec. 322.077. BONDS NOT STATE OR COUNTY DEBT. (a) The bonds are not a debt of either of the counties, of this state, or of the individual members of the board, but are payable solely from the income and properties of the board.
(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."
Acts 1987, 70th Leg., ch. 149, Sec. 1, eff. Sept. 1, 1987.
Section: Previous 322.043 322.044 322.045 322.046 322.047 322.048 322.049 322.050 322.071 322.072 322.073 322.074 322.075 322.076 322.077Last modified: September 28, 2016