Sec. 1505.156. OBLIGATIONS NOT PAYABLE FROM TAXES. (a) An obligation issued under this subchapter:
(1) is not a debt of the municipality;
(2) may be a charge only against the revenue or property pledged for the payment of the obligation; and
(3) may not be included in determining the power of the municipality to issue bonds for any purpose authorized by law.
(b) Each obligation issued under this subchapter must contain the following provision: "The holder of this obligation is not entitled to demand payment of this obligation from any money raised by taxation."
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 D. Obligations for Fish Markets by Certain Coastal Municipalities
Section 1505.151. Applicability of Subchapter
Section 1505.152. Authority to Acquire or Construct Fish Market
Section 1505.153. Authority to Issue Obligations
Section 1505.154. Authority to Accept Loans and Grants From United States
Section 1505.155. Security for Payment of Obligations
Section 1505.156. Obligations Not Payable From Taxes
Section 1505.158. Operating Expenses as First Lien
Section 1505.159. Use of Revenue