Tex. Gov't Code § 1502.054 · Subchapter B. PUBLIC SECURITIES FOR UTILITY SYSTEMS, PARKS, OR POOLS
OBLIGATIONS NOT PAYABLE FROM TAXES.
Text — Current through the 89th 2nd Called Legislative Session, 2025
(a) A public security issued or an obligation incurred under this chapter:
(1) is not a debt of the municipality;
(2) may be a charge only on the encumbered utility system, park, or pool; and
(3) may not be included in determining the municipality's power to issue public securities for any purpose authorized by law.
(b) Each public security or other evidence of indebtedness issued or included under this chapter must contain the following provision: "The holder of this obligation is not entitled to demand payment of this obligation out of any money raised by taxation."
Notes and commentary — not statutory text
History
Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999. Renumbered from Government Code Sec. 1502.056 and amended by Acts 1999, 76th Leg., ch. 1064, Sec. 22, 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.1502.htm
- Text hash
- sha256 729f7cf66561b64a51fa71e8f58f40b12df87938be68810cfa9a293cf50a002a
- 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.