Tex. Local Government Code § 303.072
This is the official text of Tex. Local Government Code § 303.072, part of Texas’s Local Government Code — governs the powers and operations of Texas cities and counties.
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§ 303.072. SOURCE OF PAYMENT.
Official statutory text
(a) Bonds of a corporation are payable from revenue derived from public facilities or sponsor obligations. Bonds issued under this chapter are not an obligation or a pledge of the faith and credit of this state, a sponsor or other political subdivision of this state, or an agency of this state.
(b) Each bond must contain on its face a statement that neither the faith and credit nor the taxing power of this state, the sponsor, except to the extent of the sponsor obligations, or another political subdivision of this state is pledged to the payment of the principal of or the interest on the bonds.
(b) Each bond must contain on its face a statement that neither the faith and credit nor the taxing power of this state, the sponsor, except to the extent of the sponsor obligations, or another political subdivision of this state is pledged to the payment of the principal of or the interest on the bonds.
Status: in_force · Read it on the official government site
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