Tex. Special District Local Laws Code § 8512.0503: OBLIGATION PAYABLE FROM REVENUE.

Text of section effective on April 01, 2027

An authority debt, liability, or obligation for the payment of money, however entered into or incurred and whether arising from an express or implied contract or otherwise, is payable:

(1) out of the revenue the authority receives with respect to the authority's properties, subject to any prior lien on the revenue conferred by any resolution previously adopted as provided by this chapter authorizing the issuance of bonds; or

(2) if the board so determines, out of the proceeds of sale by the authority of bonds payable solely from revenue described by Subdivision (1).

Added by Acts 2025, 89th Leg., R.S., Ch. 203 (H.B. 1615), Sec. 1.02, eff. April 1, 2027.