Sec. 1505.160. SUBORDINATE OBLIGATIONS. (a) If the governing body of a municipality considers it necessary to extend or enlarge the fish market, the governing body may:
(1) issue subordinate bonds or notes; and
(2) pledge the revenue of the fish market to the payment of those bonds or notes.
(b) A pledge of the revenue for subordinate bonds or notes is inferior to any prior pledge.
(c) The municipality shall establish, deposit, and secure the funds to facilitate the payment of the principal of and interest on the bonds or notes.
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