Tex. Water Code § 15.904

This is the official text of Tex. Water Code § 15.904, part of Texas’s Water Code — governs water rights and water resource management.

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§ 15.904. USE OF SALES TAX AS LOAN SECURITY.

Official statutory text

(a) A political subdivision or water supply corporation may pledge a percentage of its revenue to the payment of debt incurred under a loan agreement entered into with the board under this subchapter. A municipality or county may pledge a percentage of the sales and use tax revenue received under Chapter 321 or 323, Tax Code, as applicable, to the payment of debt incurred under a loan agreement entered into with the board under this subchapter if a majority of the voters voting at an election called and held for that purpose authorize the municipality or county to pledge a portion of that revenue for that purpose.

(b) Sections 321.506, 321.507, and 323.505, Tax Code, do not apply to taxes pledged under this subchapter.

Status: in_force · Read it on the official government site

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