Sec. 1503.107. CHARGES FOR SERVICES; RESERVES. If the governing body of a municipality pledges the revenue of a property or facility of an airport to the payment of bonds issued under this subchapter, the governing body shall impose and collect a charge for services rendered in connection with the use of the property or facility in an amount at least sufficient to:
(1) provide for the maintenance and operation expenses of the property or facility;
(2) pay the principal of and interest on the bonds as required by the ordinance authorizing the bonds; and
(3) provide any reserve fund required by the ordinance authorizing the bonds.
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