Tex. Spec. Dist. Local Laws Code § 9055.255 · Subchapter F. BONDS
BONDS PAYABLE FROM REVENUE.
Text — Current through the 89th 2nd Called Legislative Session, 2025
(a) In this section, "net revenue" means the gross revenue of the district minus the amount necessary to pay the cost of maintaining and operating the district and its 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 specified by board resolution.
(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.
(d) Bonds not payable wholly or partly from ad valorem taxes may be issued without an election.
Notes and commentary — not statutory text
History
Added by Acts 2015, 84th Leg., R.S., Ch. 855 (S.B. 1162), Sec. 1.06, eff. April 1, 2017.
Source of truth
- Edition
- Current through the 89th 2nd Called Legislative Session, 2025
- Official file
- https://statutes.capitol.texas.gov/Docs/SD/htm/SD.9055.htm
- Text hash
- sha256 0808082aeb2d372e06dc201434afce1c8741456635ed07fef8b4d8d303fb6602
- 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.