Sec. 1505.109. ACCOUNTS REQUIRED TO BE CREATED BY ORDINANCE. An ordinance authorizing the issuance of obligations under this subchapter must provide for:
(1) an operation and maintenance account; and
(2) an interest and sinking fund account.
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 C. Obligations for Toll Bridges and Other Facilities in Certain Coastal Municipalities
Section 1505.101. Applicability of Subchapter
Section 1505.103. Authority to Issue Obligations for Certain Facilities
Section 1505.104. Authority to Borrow Money
Section 1505.105. Security for Payment of Obligations
Section 1505.106. Obligations Not Payable From Taxes
Section 1505.109. Accounts Required to Be Created by Ordinance
Section 1505.110. Operating Expenses as First Lien
Section 1505.111. Execution of Indenture or Deed of Trust
Section 1505.112. Authority to Remove or Demolish Bridge or Tunnel
Section 1505.113. Conversion of Bridge or Tunnel to Toll Bridge or Tunnel