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Texas Statutes (Last Updated: January 4, 2014) |
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TRANSPORTATION CODE |
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Title 6. ROADWAYS |
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Subtitle E. MUNICIPAL STREETS |
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Chapter 317. ELIMINATION OF GRADE-LEVEL STREET CROSSINGS BY RAILROAD LINES IN MUNICIPALITIES WITH POPULATION OF MORE THAN 100,000 |
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Subchapter C. BONDS |
Sec. 317.110. SECURITY FOR AND PAYMENT OF BONDS PAYABLE FROM REVENUE
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(a) Revenue bonds may be secured by a pledge of and paid from:
(1) the net revenue derived from the operation or use of all or a designated part of a facility then in existence or to be improved, constructed, or acquired;
(2) the revenue, proceeds, or payments that will accrue to or be received by the municipality under a lease-purchase contract or contract of sale relating to a facility; or
(3) a combination of those sources.
(b) While the principal of or interest on bonds is outstanding, the municipality shall:
(1) impose and collect charges in an amount sufficient to pay:
(A) maintenance and operation expenses of the facility the net revenue of which is pledged;
(B) the interest on the bonds as it accrues; and
(C) the principal of the bonds as the bonds mature; and
(2) make any other payment prescribed by the ordinance or other proceeding authorizing or relating to the issuance of the bonds.