Sec. 1504.109. USE OF REVENUE FOR OTHER PURPOSES PROHIBITED. A municipality may not use the revenue from a building or structure described by Section 1504.102 to pay any other debt, expense, or obligation of the municipality until the debt secured by the revenue is fully paid.
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
Section 1504.101. Applicability of Subchapter
Section 1504.102. Authority for Auditoriums and Exhibition Facilities
Section 1504.103. Authority to Issue Bonds, Notes, and Warrants
Section 1504.104. Pledge of Revenue
Section 1504.105. Obligations Not Payable From Taxes
Section 1504.107. Operating Expenses as First Lien
Section 1504.108. Charges for Services
Section 1504.109. Use of Revenue for Other Purposes Prohibited