Tex. Water Code § 58.480 · Subchapter J. ISSUANCE OF BONDS
ALTERNATE METHODS FOR PAYING BONDS.
Text — Current through the 89th 2nd Called Legislative Session, 2025
(a) As used in this section and in Sections 58.481-58.484 of this code, "net revenue" means income or increment which may come from ownership and operation of the improvements which are encumbered less the proportion of the district's revenue income reasonably required to provide for administration, efficient operation, and adequate maintenance of the district's services and facilities which are encumbered. Net revenue does not include money derived from taxation.
(b) A district which expects net revenue from operations may secure its bonds in any one of the following:
(1) as provided in Section 58.463 of this code;
(2) by entering into a contract to pledge the net revenue of the district and to mortgage and encumber part or all of the property and facilities, franchise, revenue, and income from operations, and everything acquired or to be acquired by the district; or
(3) as provided in both Subdivisions (1) and (2) of this subsection.
Notes and commentary — not statutory text
History
Added by Acts 1977, 65th Leg., p. 1537, ch. 627, Sec. 1, eff. Aug. 29, 1977.
Source of truth
- Edition
- Current through the 89th 2nd Called Legislative Session, 2025
- Official file
- https://statutes.capitol.texas.gov/Docs/WA/htm/WA.58.htm
- Text hash
- sha256 063ea408d65636dcd293e306727d08973a778fa1a0c3d12af38f34ceacfeba96
- 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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