GroundRules
Tex. Local Government Code § 501.207: BONDS NOT DEBT OF STATE OR AUTHORIZING UNIT.
Where this section sits in the code
- LOCAL GOVERNMENT CODE
- TITLE 12. PLANNING AND DEVELOPMENT
- SUBTITLE C1. ADDITIONAL PLANNING AND DEVELOPMENT PROVISIONS APPLYING TO MORE THAN ONE TYPE OF LOCAL GOVERNMENT
- CHAPTER 501. PROVISIONS GOVERNING DEVELOPMENT CORPORATIONS
- SUBCHAPTER E. CORPORATE POWERS AND LIMITATIONS RELATING TO BONDS
(a) Bonds issued under this subtitle are not a debt or pledge of the faith and credit of this state, the authorizing unit of the corporation issuing the bonds, or any other political corporation, subdivision, or agency of this state.
(b) The revenue bonds issued under this subtitle must contain on their face a statement to the effect that:
(1) neither this state, the authorizing unit of the corporation issuing the bonds, nor any other political corporation, subdivision, or agency of this state is obligated to pay the principal of or the interest on the bonds; and
(2) neither the faith and credit nor the taxing power of this state, the authorizing unit of the corporation issuing the bonds, or any other political corporation, subdivision, or agency of this state is pledged to the payment of the principal of or the interest on the bonds.
Added by Acts 2007, 80th Leg., R.S., Ch. 885 (H.B. 2278), Sec. 3.01, eff. April 1, 2009.
Collected 2026-08-27T01:47:27Z. Source file · JSON