Sec. 1503.103. PLEDGE OF REVENUE. (a) Bonds issued under this subchapter must be secured by a pledge of all or a designated part of the revenue from the operation of the airport for which the bonds are issued, including rents for any hangar or building, as prescribed in the ordinance authorizing the bonds.
(b) To the extent that the revenue from the airport is pledged for the payment of outstanding revenue bonds, the pledge securing the bonds is inferior to the previous pledge.
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 C. Revenue Bonds for Airports in Municipalities With Population of More Than 70,000
Section 1503.101. Applicability of Subchapter
Section 1503.102. Authority to Issue Revenue Bonds
Section 1503.103. Pledge of Revenue
Section 1503.104. Lien on Airport
Section 1503.105. Bonds Not Payable From Taxes
Section 1503.107. Charges for Services; Reserves