Tex. Spec. Dist. Local Laws Code § 8512.0407 · Subchapter D. GENERAL FINANCIAL PROVISIONS
PAYMENTS UNDER AGREEMENTS FOR USE OR SALE OF PROPERTY.
Not yet in force
Text of section effective on April 01, 2027
Text — Current through the 89th 2nd Called Legislative Session, 2025
(a) If the authority enters into an agreement to lease, sell, or otherwise dispose of any property or facilities to any person, the person is subject to the regulations and control of rates or other charges by this state as may be provided by agreement or general law.
(b) Notwithstanding Subsection (a), the board shall set payments under a lease or other contract or agreement for the use or sale of any property so that the payments, together with any other pledged revenue, will be sufficient to:
(1) pay the principal of, the interest on, and any premium on all bonds to which the payments are pledged when they become due and payable;
(2) pay all sinking fund or reserve fund payments agreed to be made with respect to any bonds described by Subdivision (1), and payable out of those payments, when they become due and payable;
(3) fulfill the terms of any agreement made with the holders of bonds described by Subdivision (1) or any person in their behalf; and
(4) discharge all other obligations of the authority in connection with bonds described by Subdivision (1) when they become due.
Notes and commentary — not statutory text
History
Added by Acts 2025, 89th Leg., R.S., Ch. 203 (H.B. 1615), Sec. 1.02, eff. April 1, 2027.
Source of truth
- Edition
- Current through the 89th 2nd Called Legislative Session, 2025
- Official file
- https://statutes.capitol.texas.gov/Docs/SD/htm/SD.8512.htm
- Text hash
- sha256 4274941a036a0e6c73cd3cf353210b2d4fe2e3556f9c8fe527104b95735e4b66
- 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
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