Sec. 1508.007. RECORDS. The mayor of a municipality that has a facility or land described by Section 1508.001 shall establish and maintain a complete system of records that:
(1) show each free service provided in connection with the facility or land and the value of the service; and
(2) show separately the amounts spent and amounts set aside for operation, salaries, labor, materials, repairs, maintenance, depreciation, replacements, extensions, interest, and the creation of a sinking fund to pay the bonds or debt.
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