Sec. 9011.255. BONDS PAYABLE FROM REVENUE. (a) In this section, "net revenue" means the gross revenue of the district less the amount necessary to pay the cost of maintaining and operating the district and its property.
(b) Bonds issued under this subchapter may be secured under board resolution by a pledge of:
(1) all or part of the net revenue of the district;
(2) the net revenue of one or more contracts made before or after the issuance of the bonds; or
(3) other revenue specified by resolution of the board.
(c) The pledge may reserve the right to issue additional bonds on a parity with, or subordinate to, the bond being issued, subject to the conditions specified in the pledge.
Added by Acts 2007, 80th Leg., R.S., Ch. 920 (H.B. 3166), Sec. 1.12, eff. April 1, 2009.
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