Sec. 1501.051. AUTHORITY TO USE UTILITY REVENUE FOR SINKING FUND OR INTEREST PAYMENTS. (a) The governing body of a municipality may appropriate the net revenue from any municipal public utility system, service, or enterprise, in the amount that the governing body determines is in the best interest of the municipality, to:
(1) the credit of the sinking fund for any bonded debt incurred because of the utility system, service, or enterprise; or
(2) the payment of any interest on the bonded debt incurred because of that utility system, service, or enterprise.
(b) A governing body that makes an appropriation under Subsection (a) must make the appropriation:
(1) at the end of the municipality's fiscal year; and
(2) before the governing body adopts a tax rate for that fiscal year.
Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999.
Structure Texas Statutes