Texas § 1503.003 PLEDGE OF TAX FOR OPERATION AND MAINTENANCE EXPENSES; PROCEEDS.

Texas Statutes

§ 1503.003 — PLEDGE OF TAX FOR OPERATION AND MAINTENANCE EXPENSES; PROCEEDS.

Texas § 1503.003

Code GVGovernment Code

This text of Texas § 1503.003 (PLEDGE OF TAX FOR OPERATION AND MAINTENANCE EXPENSES; PROCEEDS.) is published on Counsel Stack Legal Research, covering Texas primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Tex. Government Code Code Ann. § 1503.003 (2026).

Text

Sec. 1503.003. PLEDGE OF TAX FOR OPERATION AND MAINTENANCE EXPENSES; PROCEEDS.

(a)In addition to or instead of the pledge of revenue and income of the airport authorized by Subchapter C, a municipality may impose and pledge to the payment of the operation and maintenance expenses of the airport a continuing annual ad valorem tax at a rate sufficient for that purpose, as provided in the ordinance authorizing the issuance of bonds under this subchapter.

(b)A tax under this section:

(1)must be imposed at a rate within any limit contained in the municipal charter; and

(2)may not be used for the payment of the principal of or interest on the bonds.

(c)The proceeds of a tax pledged under this section shall be used annually, to the extent required by or provided in the ordinance authorizing

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Sec. 1503.003. PLEDGE OF TAX FOR OPERATION AND MAINTENANCE EXPENSES; PROCEEDS. (a) In addition to or instead of the pledge of revenue and income of the airport authorized by Subchapter C, a municipality may impose and pledge to the payment of the operation and maintenance expenses of the airport a continuing annual ad valorem tax at a rate sufficient for that purpose, as provided in the ordinance authorizing the issuance of bonds under this subchapter.
(b) A tax under this section:
(1) must be imposed at a rate within any limit contained in the municipal charter; and
(2) may not be used for the payment of the principal of or interest on the bonds.
(c) The proceeds of a tax pledged under this section shall be used annually, to the extent required by or provided in the ordinance authorizing the bonds, for the operation and maintenance of the airport.