Sec. 320.078. BONDS NOT STATE OR COUNTY DEBT. (a) The revenue bonds are not a debt of the county or of the state but are payable solely from the revenues pledged to their payment.
(b) The principal of or interest on revenue bonds or any refunding bonds is not a debt against the tax revenues of the county but is solely a charge on the pledged revenues.
(c) The revenue bonds or refunding bonds may not be considered in determining the power of the county to incur obligations payable from taxation.
(d) Each bond must contain on its face substantially the following provision: "The holder hereof shall never have the right to demand payment of his obligation out of any funds raised or to be raised by taxation."
Acts 1987, 70th Leg., ch. 149, Sec. 1, eff. Sept. 1, 1987.
Structure Texas Statutes
Title 10 - Parks and Other Recreational and Cultural Resources
Subtitle B - County Parks and Other Recreational and Cultural Resources
Chapter 320 - Park Board and Park Bonds: Counties With Population of 5,000 or More
Section 320.071. Issuance; Purpose
Section 320.073. Pledge of Revenues
Section 320.075. Approval and Registration
Section 320.076. Fees and Revenue
Section 320.077. Refunding Bonds