Tex. Gov't Code § 1371.103 · Subchapter C. FINANCIAL ASPECTS OF OBLIGATION
SECURITY FOR OBLIGATION.
Text — Current through the 89th 2nd Called Legislative Session, 2025
(a) An obligation must be secured solely by:
(1) the proceeds from the sale of other obligations;
(2) the proceeds from the sale of revenue bonds payable from the revenue to be received from a public works or a specified user of a public works;
(3) any revenue that the issuer is authorized by the constitution, a statute, or the charter of a home-rule municipality to pledge to the payment of an obligation;
(4) a credit agreement; or
(5) any combination of those sources.
(b) A governing body may secure an obligation and pay the cost of a credit agreement executed and delivered in connection with the financing of a project cost with:
(1) the sources permitted by this chapter; and
(2) ad valorem taxes to the extent the project cost relates to an eligible project financed or to be financed with obligations payable from ad valorem taxes.
Notes and commentary — not statutory text
History
Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999. Amended by Acts 1999, 76th Leg., ch. 1064, Sec. 20, eff. Sept. 1, 1999.
Source of truth
- Edition
- Current through the 89th 2nd Called Legislative Session, 2025
- Official file
- https://statutes.capitol.texas.gov/Docs/GV/htm/GV.1371.htm
- Text hash
- sha256 d29c8426db4566d25d28e28aa3ef6d980b149a902be25f4c449709c3a87c97f5
- Composed by
- compose_tx.py 2026-10-05: the Legislative Council's chapter files read in document order; verify_tx.py's independent reading (lxml DOM walk) agrees character for character
Procedural information only. Not legal advice and not a substitute for the advice of an attorney. Confirm the current text with the official publisher before relying on it.