Sec. 501.008. LIMITATION ON FINANCIAL OBLIGATION

Latest version.

A corporation may not incur a financial obligation that cannot be paid from:
(1) bond proceeds;
(2) revenue realized from the lease or sale of a project;
(3) revenue realized from a loan made by the corporation to wholly or partly finance or refinance a project; or
(4) money granted under a contract with a municipality under Section 380.002.

Added by Acts 2007, 80th Leg., R.S., Ch. 885 , Sec. 3.01, eff. April 1, 2009.

                    
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