Sec. 1506.003. PLEDGE OF REVENUE. (a) In this section, "net revenue" means gross revenue minus all operation and maintenance expenses.
(b) Bonds issued under this subchapter may be secured only by a pledge of and be payable from the net revenue from the building or other improvement for which the bonds are issued and the parking lot on which the building or improvement is located.
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 1506 - Bonds for Municipal Parking and Transportation Facilities
Section 1506.001. Applicability of Subchapter
Section 1506.002. Authority to Issue Revenue Bonds
Section 1506.003. Pledge of Revenue
Section 1506.004. Bonds Not Payable From Taxes
Section 1506.008. Exemption From Taxation
Section 1506.009. Personnel; Operation and Maintenance Expenses