Tex. Gov't Code § 1505.160 · Subchapter D. OBLIGATIONS FOR FISH MARKETS BY CERTAIN COASTAL MUNICIPALITIES
SUBORDINATE OBLIGATIONS.
Text — Current through the 89th 2nd Called Legislative Session, 2025
(a) If the governing body of a municipality considers it necessary to extend or enlarge the fish market, the governing body may:
(1) issue subordinate bonds or notes; and
(2) pledge the revenue of the fish market to the payment of those bonds or notes.
(b) A pledge of the revenue for subordinate bonds or notes is inferior to any prior pledge.
(c) The municipality shall establish, deposit, and secure the funds to facilitate the payment of the principal of and interest on the bonds or notes.
Notes and commentary — not statutory text
History
Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, 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.1505.htm
- Text hash
- sha256 c56b7378192c6650fe351e5e6373945850e95d8b1edd30c52eda5d689e8f0e63
- 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
Cited by 1 provision
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