Sec. 1508.005. OBLIGATIONS NOT DEBT OF MUNICIPALITY. An obligation issued under this subchapter:
(1) is not a debt of the municipality;
(2) may be a charge only on the facility or land 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.
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 1508 - Obligations for Municipal Parks, Recreational Facilities, and Airports
Subchapter A. Obligations for Parks, Recreational Facilities, and Airports
Section 1508.001. Authority for Parks, Recreational Facilities, and Airports
Section 1508.002. Authority to Issue Bonds, Notes, and Warrants
Section 1508.003. Pledge of Income
Section 1508.004. Authority to Grant Franchise
Section 1508.005. Obligations Not Debt of Municipality