Texas § 8510.0507 BONDS PAYABLE FROM REVENUE.

Texas Statutes

§ 8510.0507 — BONDS PAYABLE FROM REVENUE.

Texas § 8510.0507

Code SDSpecial District Local Laws Code

This text of Texas § 8510.0507 (BONDS PAYABLE FROM REVENUE.) 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. Special District Local Laws Code Code Ann. § 8510.0507 (2026).

Text

Sec. 8510.0507. BONDS PAYABLE FROM REVENUE.

(a)In this section, "net revenue" means the authority's gross revenue less the amount necessary to pay the cost of maintaining and operating the authority and the authority's property.

(b)Authority bonds may be secured by a pledge of:

(1)all or part of the authority's net revenue;

(2)the net revenue of a contract entered into at any time; or

(3)other revenue specified by board resolution.

(c)The pledge may reserve the right to issue additional bonds on a parity with or subordinate to the bonds being issued, subject to conditions specified by the pledge.

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Sec. 8510.0507. BONDS PAYABLE FROM REVENUE. (a) In this section, "net revenue" means the authority's gross revenue less the amount necessary to pay the cost of maintaining and operating the authority and the authority's property.
(b) Authority bonds may be secured by a pledge of:
(1) all or part of the authority's net revenue;
(2) the net revenue of a contract entered into at any time; or
(3) other revenue specified by board resolution.
(c) The pledge may reserve the right to issue additional bonds on a parity with or subordinate to the bonds being issued, subject to conditions specified by the pledge.