Tex. Special District Local Laws Code § 8503.012
PAYMENT OF DEBTS
Texas · Texas Special District Local Laws Code · Status: effective
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- Citation
- Tex. Special District Local Laws Code § 8503.012, PAYMENT OF DEBTS, Texas, version 1 as recorded 2026-07-09, yourstate.us, https://yourstate.us/provision/618551
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Full text
Any indebtedness, liability, or obligation of the authority for the payment of money, however entered into or incurred and whether arising from contract, implied contract, or otherwise, is payable solely:
(1) out of revenues received by the authority with respect to its properties, subject to any prior lien on the revenues conferred by any resolution or resolutions adopted as provided by this chapter authorizing the issuance of bonds; or
(2) if the board so determines, out of the proceeds of sale by the authority of bonds payable solely from those revenues.