Sec. 1505.081. EXEMPTION FROM TAXATION. (a) A bond or interest coupon issued under this subchapter is exempt from taxation under any law of this state.
(b) In addition to the provisions required by Section 1505.059(b), each bond issued under this subchapter must state on its face the following provision: "The principal of and interest on this bond are exempt from taxation under any law of the State of Texas."
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 1505 - Obligations for Coastal Municipalities for Coastal Matters
Subchapter B. Bonds for Navigational Facilities in Certain Coastal Municipalities
Section 1505.051. Applicability of Subchapter
Section 1505.053. Authority for Navigational Facilities
Section 1505.054. Authority to Issue Bonds
Section 1505.055. Authority to Borrow From United States
Section 1505.056. Payment of Bonds
Section 1505.057. Encumbrance as Additional Security
Section 1505.058. Additional Security for Project Related to Acquisition or Construction of Bridge
Section 1505.059. Bonds Not Payable From Taxes
Section 1505.060. Estimate of Project Cost; Notice of Intention to Approve Project and Issue Bonds
Section 1505.062. Contents of Ordinance Authorizing Issuance of Bonds
Section 1505.064. Medium of Payment
Section 1505.065. Additional Bonds
Section 1505.066. Sale of Bonds
Section 1505.067. Deposit of Bond Proceeds
Section 1505.068. Operating Expenses as First Lien
Section 1505.069. Sale or Lease of Reclaimed or Reconstructed Land
Section 1505.071. Deposits to Bond and Interest Redemption Fund
Section 1505.072. Disposition of Certain Surplus Money
Section 1505.073. Separate Records
Section 1505.074. Required Payment for Services Rendered to Municipality
Section 1505.075. Authority to Regulate Operation of Bridges and Traffic on Bridges
Section 1505.076. Commissioners of Navigation District
Section 1505.077. Authority for County Appropriations
Section 1505.078. Authority for Texas Department of Transportation Expenditures
Section 1505.079. Certain County and Municipal Expenditures Not Prohibited