Sec. 3833.359. PLEDGES. (a) The district may pledge to the payment of the principal or interest or any other amounts due under district bonds all or any part of:
(1) district taxes;
(2) revenue from a public improvement financed under this chapter, except as provided by Subsection (c); or
(3) money from grants, donations, or other income or funds received or to be received from any public or private entity.
(b) The district shall set and collect the pledged funds in amounts that are at least sufficient, with any other pledged resources, to provide for all payments of principal, interest, and any other amounts due or required in connection with the bonds and, to the extent required by the order or resolution authorizing the issuance of the bonds, to provide for the payment of expenses in connection with the bonds and to pay operation, maintenance, and other expenses in connection with the public improvements undertaken by the district.
(c) The district may not encumber, or pledge revenue under this section from, a public improvement that the district may be required to transfer under Section 3833.151.
Added by Acts 2005, 79th Leg., Ch. 468 (S.B. 1892), Sec. 1, eff. June 17, 2006.
Last modified: September 28, 2016