Tex. Government Code § 1371.103
SECURITY FOR OBLIGATION
Texas · Texas Government Code · Status: effective
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- Tex. Government Code § 1371.103, SECURITY FOR OBLIGATION, Texas, version 1 as recorded 2026-07-09, yourstate.us, https://yourstate.us/provision/660429
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Full text
(a) An obligation must be secured solely by:
(1) the proceeds from the sale of other obligations;
(2) the proceeds from the sale of revenue bonds payable from the revenue to be received from a public works or a specified user of a public works;
(3) any revenue that the issuer is authorized by the constitution, a statute, or the charter of a home-rule municipality to pledge to the payment of an obligation;
(4) a credit agreement; or
(5) any combination of those sources.
(b) A governing body may secure an obligation and pay the cost of a credit agreement executed and delivered in connection with the financing of a project cost with:
(1) the sources permitted by this chapter; and
(2) ad valorem taxes to the extent the project cost relates to an eligible project financed or to be financed with obligations payable from ad valorem taxes.