Tex. Spec. Dist. Local Laws Code § 8509.0305 · Subchapter G. BONDS
BONDS PAYABLE FROM REVENUE.
Text — Current through the 89th 2nd Called Legislative Session, 2025
(a) In this section, "net revenue" means the district's gross revenue and income from all sources less the amount necessary to pay the cost of maintaining and operating the district and the district's property.
(b) Bonds issued under this subchapter may be secured under board resolution by a pledge of:
(1) all or part of the district's net revenue;
(2) the net revenue of one or more contracts made before or after the issuance of the bonds; or
(3) other revenue or income specified by board resolution or in the trust indenture.
(c) The pledge may reserve the right to issue additional bonds on a parity with, or subordinate to, the bonds being issued, subject to conditions specified by the pledge.
Notes and commentary — not statutory text
History
Added by Acts 2019, 86th Leg., R.S., Ch. 468 (H.B. 4172), Sec. 1.03, eff. April 1, 2021.
Source of truth
- Edition
- Current through the 89th 2nd Called Legislative Session, 2025
- Official file
- https://statutes.capitol.texas.gov/Docs/SD/htm/SD.8509.htm
- Text hash
- sha256 b115231bb6a733852d2daf1449ea04853e3d4c407f1ac6e63ddb555222586497
- 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.