Tex. Spec. Dist. Local Laws Code § 8101.257 · Subchapter F. BONDS
BOND SECURITY; REVENUE; TAXES; ADDITIONAL BONDS.
Text — Current through the 89th 2nd Called Legislative Session, 2025
(a) In this section, "net revenue" means the gross revenue of the authority after deducting the amount necessary to pay the cost of maintaining and operating the authority, including its properties.
(b) Bonds issued under this subchapter may be secured by:
(1) a pledge of all or part of the net revenue of the authority, including the net revenue of a past or future contract; or
(2) other revenue and income specified by resolution of the board or the trust indenture.
(c) If bonds are issued payable wholly or partly from taxes, the board shall impose taxes on all taxable property in the authority without limit as to rate or amount while those bonds are outstanding. The board shall impose the taxes in amounts:
(1) sufficient to pay the principal of and interest on the bonds annually as they mature; or
(2) required to supplement the net revenue pledged to the bonds' payment so that the principal of and interest on the bonds are paid when due.
(d) A bond security pledge under this section may reserve to the authority the right, under conditions specified by the pledge, to issue additional bonds that will be on a parity with or subordinate to the bonds then being issued.
Notes and commentary — not statutory text
History
Acts 2003, 78th Leg., ch. 1277, Sec. 1, eff. April 1, 2005.
Source of truth
- Edition
- Current through the 89th 2nd Called Legislative Session, 2025
- Official file
- https://statutes.capitol.texas.gov/Docs/SD/htm/SD.8101.htm
- Text hash
- sha256 dbd8069373c1aa6d5c3de9ae4f9a70d66b508119d4c04bbc42b4ddc5bcd5530d
- 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.