Texas § 1508.106 OBLIGATION NOT PAYABLE FROM TAXES.

Texas Statutes

§ 1508.106 — OBLIGATION NOT PAYABLE FROM TAXES.

Texas § 1508.106

Code GVGovernment Code

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Bluebook

Tex. Government Code Code Ann. § 1508.106 (2026).

Text

Sec. 1508.106. OBLIGATION NOT PAYABLE FROM TAXES.

(a)An obligation issued under this subchapter:

(1)is not a debt of the municipality;

(2)may be a charge only on the property and revenue encumbered; and

(3)may not be included in determining the power of the municipality to issue bonds for any purpose authorized by law.

(b)A contract, bond, warrant, or note issued or executed under this subchapter must contain the following provision: "The holder of this obligation is not entitled to demand payment of this obligation out of any money raised by taxation."

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Sec. 1508.106. OBLIGATION NOT PAYABLE FROM TAXES. (a) An obligation issued under this subchapter:
(1) is not a debt of the municipality;
(2) may be a charge only on the property and revenue encumbered; and
(3) may not be included in determining the power of the municipality to issue bonds for any purpose authorized by law.
(b) A contract, bond, warrant, or note issued or executed under this subchapter must contain the following provision: "The holder of this obligation is not entitled to demand payment of this obligation out of any money raised by taxation."