Sec. 1508.109. RENTS AND CONCESSION CHARGES. (a) The governing body that manages and controls a project under Section 1508.111 shall impose and collect rents and concession charges for the use of the project in an amount sufficient to pay:
(1) all operating and maintenance expenses, depreciation, replacements, salaries, and interest charges;
(2) for an interest and sinking fund sufficient to pay any bonds issued to purchase, construct, maintain, or improve the project; and
(3) any outstanding debt against the project.
(b) The governing body may not allow any free use of or free service in connection with the project.
(c) The charges imposed under Subsection (a) must comply with the requirements of any governmental agency lending or providing funds for the project.
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
Section 1508.101. Applicability of Subchapter
Section 1508.102. Authority for Certain Health or Recreational Facilities
Section 1508.103. Authority to Issue Bonds, Notes, and Warrants
Section 1508.104. Pledge of Income
Section 1508.106. Obligation Not Payable From Taxes
Section 1508.107. Application of Other Law
Section 1508.108. Operating Expenses as First Lien
Section 1508.109. Rents and Concession Charges
Section 1508.110. Use of Income for Other Purpose Prohibited
Section 1508.111. Management and Control
Section 1508.112. Appointment of Trustee; Attorney's Fees
Section 1508.113. Notice to Governing Body Before Foreclosure or Other Action