Sec. 1477.304. PLEDGE OF REVENUE. (a) Bonds issued under this subchapter must be secured by a pledge of and be payable from all or a designated part of the revenue from the improvement or facility for which the bonds are issued, as provided in the order authorizing the bonds.
(b) The pledge securing the bonds is inferior to any previous pledge of the revenue for the payment of revenue bonds or revenue refunding bonds that are outstanding.
(c) A county that leases a facility described by Section 1477.302 as lessee may pledge all or part of the revenue from the facility to the lease payments.
Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999.
Structure Texas Statutes
Subtitle I - Specific Authority for Counties to Issue Securities
Chapter 1477 - Obligations for Other County Purposes
Subchapter G. Revenue Bonds for Improvements to Attract Visitors or Tourists in Certain Counties
Section 1477.301. Applicability of Subchapter
Section 1477.302. Authority for Visitor or Tourist Attractions
Section 1477.303. Authority to Issue Revenue Bonds
Section 1477.304. Pledge of Revenue
Section 1477.305. Lien on Facility
Section 1477.306. Bonds Not Payable From Taxation; Exception
Section 1477.307. Contents of Order Authorizing Bonds
Section 1477.308. Adoption and Execution of Documents
Section 1477.311. Sale of Bonds
Section 1477.312. Use of Bond Proceeds
Section 1477.313. Investment of Funds