Sec. 1433.062. MONEY USED TO PAY BONDS; PROHIBITION ON CERTAIN OBLIGATIONS. (a) The principal of and the interest on bonds authorized under this chapter are payable only from the money provided for that payment and from the revenue of the industrial project or medical project for which the bonds were authorized.
(b) An issuer may not incur financial obligations that cannot be paid from revenue from the lease of an industrial project or medical project.
Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999.
Structure Texas Statutes
Subtitle H - Specific Authority for More Than One Type of Local Government to Issue Securities
Chapter 1433 - Bonds for Development of Employment, Industrial, and Health Resources
Section 1433.061. Issuance of Bonds
Section 1433.062. Money Used to Pay Bonds; Prohibition on Certain Obligations
Section 1433.063. Bonds Not Debt of State or Issuer
Section 1433.065. Sale of Bonds
Section 1433.066. Interim Receipts; Temporary Bonds
Section 1433.067. Use of Bond Proceeds
Section 1433.068. Refunding Bonds
Section 1433.069. Exemptions From Taxation and Securities Act