Sec. 1503.152. PLEDGE OF INCOME. A municipality may pledge the income from its airport and anything the municipality acquires relating to the airport to secure the payment of money to:
(1) purchase the airport; or
(2) construct, improve, enlarge, extend, or repair a permanent improvement, including a building, repair shop, or other structure.
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 D. Encumbrance of Airports in Municipalities With Population of More Than 160,000
Section 1503.151. Applicability of Subchapter
Section 1503.152. Pledge of Income
Section 1503.153. Encumbrance of Airport
Section 1503.154. Grant of Franchise
Section 1503.155. Obligation Not Debt
Section 1503.156. Authority to Issue Notes and Warrants Without Election