Tex. Loc. Gov't Code § 504.104 · Subchapter C. GENERAL POWERS AND DUTIES

ASSUMPTION OR PAYMENT OF PREEXISTING DEBT PROHIBITED.

Verbatim from the official edition

Text — Current through the 89th 2nd Called Legislative Session, 2025

A Type A corporation may not:

(1) assume a debt that existed before the date the authorizing municipality authorized the creation of the corporation; or

(2) make an expenditure to pay the principal of or interest on a debt that existed before the date prescribed by Subdivision (1).

Notes and commentary — not statutory text

History

Added by Acts 2007, 80th Leg., R.S., Ch. 885 (H.B. 2278), Sec. 3.01, eff. April 1, 2009.

Source of truth

Edition: Current through the 89th 2nd Called Legislative Session, 2025
Official file: https://statutes.capitol.texas.gov/Docs/LG/htm/LG.504.htm
Text hash: sha256 1b1b9c7b32d9f33410ab195776da43e2419c53e4a21658e238aa638b907080a1
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.