Sec. 1505.159. USE OF REVENUE. Except as provided by Section 1505.160, a municipality may only use the gross revenue of a fish market acquired or constructed under this subchapter:
(1) to pay the expenses of operating and maintaining the market;
(2) after payment of operating and maintenance expenses, to pay the principal of and interest on any obligation issued to acquire or construct the market; and
(3) after payment of operating and maintenance expenses and debt service, to:
(A) redeem any obligation issued to acquire or construct the market before maturity; or
(B) invest in any security specified in a contract under which money for the acquisition or construction of the market is provided to the municipality.
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