Sec. 1473.053. OBLIGATIONS NOT PAYABLE FROM TAXES

Latest version.

(a) A security issued under this subchapter:
(1) is not a debt of the county;
(2) may be a charge only on the revenue that is pledged, assigned, or encumbered; and
(3) may not be included in determining the power of the county to issue bonds for any purpose authorized by law.
(b) Each security issued under this subchapter must include the following provision: "The holder of this obligation is not entitled to demand payment of this obligation out of any money raised by taxation."

Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999.

                    
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