Tex. Local Government Code § 293.027
This is the official text of Tex. Local Government Code § 293.027, part of Texas’s Local Government Code — governs the powers and operations of Texas cities and counties.
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§ 293.027. OPERATION OF AUTHORITY.
Official statutory text
(a) The property of the authority must be held and operated only for governmental and public purposes, for the use and benefit of the public, and without private profit. The property of the authority is exempt from taxation.
(b) The authority shall charge rent, impose charges, and use its sources of revenue to generate revenue sufficient to:
(1) pay the expenses related to ownership, operation, and upkeep of the authority's property;
(2) pay interest on the authority's bonds as it becomes due;
(3) create a sinking fund to pay the authority's bonds as they come due; and
(4) create and maintain a bond reserve fund and other funds as provided in the bond resolution or trust indenture.
(b) The authority shall charge rent, impose charges, and use its sources of revenue to generate revenue sufficient to:
(1) pay the expenses related to ownership, operation, and upkeep of the authority's property;
(2) pay interest on the authority's bonds as it becomes due;
(3) create a sinking fund to pay the authority's bonds as they come due; and
(4) create and maintain a bond reserve fund and other funds as provided in the bond resolution or trust indenture.
Status: in_force · Read it on the official government site
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