Sec. 453.308. PLEDGE OF REVENUE LIMITED. The expenses of operation and maintenance of a transit department system, including salaries, labor, materials, and repairs necessary to provide efficient service and every other proper item of expense, are a first lien and charge against any revenue of a transit department that is encumbered under this chapter.
Acts 1995, 74th Leg., ch. 165, Sec. 1, eff. Sept. 1, 1995.
Structure Texas Statutes
Subtitle K - Mass Transportation
Chapter 453 - Municipal Transit Departments
Section 453.302. Power to Issue Bonds
Section 453.305. Approval; Registration
Section 453.306. Incontestability
Section 453.307. Security Pledged
Section 453.308. Pledge of Revenue Limited
Section 453.309. Refunding Bonds