Tex. Gov't Code § 1373.006 · Chapter 1373. OBLIGATIONS FOR WATER PROJECTS
SECURITY FOR OBLIGATION.
Text — Current through the 89th 2nd Called Legislative Session, 2025
(a) An obligation may be secured by:
(1) the proceeds from the sale of other obligations or indebtedness of the issuer, including proceeds from the sale of revenue bonds payable from the revenue to be received from an eligible project or a specified user of an eligible project;
(2) subject to Subsection (d), any revenue that the issuer is authorized by the constitution, a statute, or the charter of a home-rule municipality to pledge or pay any kind of general or special indebtedness by or from those revenues;
(3) water supply contracts or water treatment contracts or other similar contracts or the revenue received from those contracts; or
(4) any combination of the sources described by this subsection.
(b) The governing body of an issuer may secure an obligation and pay the cost of a contract or other agreement executed and delivered in connection with the financing of an eligible project with a pledge of the sources permitted by this chapter.
(c) Notwithstanding any other law, if an issuer secures an obligation with contracts or the revenue from those contracts, the term of the contracts may not be less than the final maturity or term of such obligations pursuant to Section 1373.008.
(d) An obligation may not be secured wholly or partly by a pledge of ad valorem taxes.
Notes and commentary — not statutory text
History
Added by Acts 2025, 89th Leg., R.S., Ch. 494 (S.B. 1261), Sec. 1, eff. September 1, 2025.
Source of truth
- Edition
- Current through the 89th 2nd Called Legislative Session, 2025
- Official file
- https://statutes.capitol.texas.gov/Docs/GV/htm/GV.1373.htm
- Text hash
- sha256 bc2379c164a5afe0db5e95ef3b95600a7252872dc61d7b5d0539ebb76fa4c590
- 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
This section cites
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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.