Sec. 1503.060. CHARGES FOR SERVICE OR FACILITY. (a) The governing body of a municipality that issues warrants under this subchapter shall prescribe by ordinance and collect a reasonable rate, rent, or other charge for the service or facility furnished by the airport for which the warrants are issued.
(b) The charges under Subsection (a) must be in an amount that will produce revenue sufficient to:
(1) pay when due the principal of and interest on all warrants for which the revenue has been pledged, including reserves; and
(2) provide for all expenses of operation and maintenance of the airport for which the warrants were issued, including reserves.
Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999.
Structure Texas Statutes
Subtitle J - Specific Authority for Municipalities to Issue Securities
Chapter 1503 - Obligations for Municipal Airports
Subchapter B. Bonds and Warrants for Airports in Municipalities With Population of More Than 40,000
Section 1503.051. Applicability of Subchapter
Section 1503.053. Authority to Issue Bonds and Warrants
Section 1503.054. Pledge of Revenue
Section 1503.056. Limit on Amount of Warrants
Section 1503.057. Sale of Warrants
Section 1503.058. Action to Collect Warrants; Evidence
Section 1503.059. Authority to Impose Tax
Section 1503.060. Charges for Service or Facility
Section 1503.061. Inconsistency With Other Law or Municipal Charter