Sec. 1504.005. BONDS NOT PAYABLE FROM TAXES; EXCEPTION. (a) The owner or holder of a bond issued under this subchapter is not entitled to demand payment of the principal of or interest on the bond from money raised by taxation.
(b) Subsection (a) does not apply to a demand for payment from hotel occupancy taxes that are pledged under Chapter 351, Tax Code, to the payment of the bond.
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 1504 - Obligations for Municipal Buildings
Subchapter A. Revenue Bonds for Certain Facilities
Section 1504.001. Authority for Certain Facilities
Section 1504.002. Authority to Issue Revenue Bonds
Section 1504.003. Pledge of Revenue
Section 1504.004. Lien on Facility
Section 1504.005. Bonds Not Payable From Taxes; Exception
Section 1504.006. Contents of Ordinance Authorizing Bonds
Section 1504.007. Adoption and Execution of Documents
Section 1504.010. Sale of Bonds
Section 1504.011. Investment of Bond Proceeds and Funds
Section 1504.012. Term of Certain Leases
Section 1504.013. Charges for Services
Section 1504.014. Refunding Bonds
Section 1504.015. Conflict or Inconsistency With Municipal Charter