Tex. Gov't Code § 1505.206 · Subchapter E. BONDS FOR HARBOR IMPROVEMENTS AND FACILITIES IN COASTAL MUNICIPALITIES WITH POPULATION OF LESS THAN 12,000
PLEDGE OF REVENUE.
Text — Current through the 89th 2nd Called Legislative Session, 2025
(a) In this section, "net revenue" means the gross revenue derived from a harbor improvement or facility less the amount necessary to pay the cost of maintaining and operating the harbor improvement or facility.
(b) A bond issued under this subchapter is payable from revenue pledged by the governing body of the municipality to the payment of the bond.
(c) To secure payment of principal of and interest on bonds issued under this subchapter, the governing body of the municipality may pledge:
(1) the gross or net revenue of:
(A) a harbor improvement or facility to be financed by the bonds; or
(B) a harbor improvement or facility in existence before the issuance of the bonds, if that revenue may be pledged;
(2) unless the bond authorization specifies a different amount, the entire amount of revenue due the municipality under a contract in existence before the issuance of the bonds or to be entered into after the issuance, if that revenue may be pledged; or
(3) any other revenue specified by the bond authorization that may be pledged.
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 da2aad532d07cf100919ad3e510967b3024cfa48af12a6e86c2085eb2f52d167
- 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.