Sec. 367.060. BONDS AND WARRANTS NOT PAYABLE FROM TAXES. (a) Bonds and warrants issued under this subchapter are not a debt of the municipality that issues them and are a charge only against:
(1) the pledged revenues of the toll bridge; and
(2) the property comprising the toll bridge, if a lien is given on that property.
(b) A bond or warrant issued under this subchapter must include substantially the following provision: "The holder of this obligation is not entitled to demand payment of this obligation out of any money raised by taxation."
Added by Acts 1999, 76th Leg., ch. 227, Sec. 25, eff. Sept. 1, 1999.
Section: Previous 367.053 367.054 367.055 367.056 367.057 367.058 367.059 367.060 367.061 367.062 367.063 367.064 367.065 367.066 367.067 NextLast modified: September 28, 2016