Sec. 3503.151. USE OF REVENUE FROM OTHER GOVERNMENTAL ENTITIES; LIMITATION. (a) Any governmental entity of this state may:
(1) use and pledge available revenue for the payment of an amount due under a contract entered into with the authority as an additional source of payment of the contracts or as the sole source of payment of the contracts; and
(2) covenant with respect to available revenue to assure the availability of the revenue when required.
(b) The governmental entity may not use, pledge, or covenant under this section revenue from ad valorem taxes, or the proceeds of bonds paid wholly or partly from ad valorem taxes, unless the use, pledge, or covenant has been approved by the voters of the governmental entity at an election called for the purpose of:
(1) imposing taxes or issuing or refunding bonds; or
(2) using or pledging the entity's revenue or proceeds under contracts with the authority under this chapter.
Added by Acts 2005, 79th Leg., Ch. 729 (H.B. 2019), Sec. 1.02, eff. April 1, 2007.
Section: Previous 3503.105 3503.106 3503.107 3503.108 3503.109 3503.110 3503.111 3503.151 3503.152 3503.154 3503.155 3503.201 3503.202 3503.203 3503.204 NextLast modified: September 28, 2016