Sec. 54.503. MANNER OF REPAYMENT OF BONDS

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The board may provide for the payment of principal of and interest and redemption price on the bonds in any one of the following manners:
(1) from the levy and collection of ad valorem taxes on all taxable property within the district;
(2) by pledging all or any part of the designated revenues to result from the ownership or operation of the district's works, improvements, facilities, plants, equipment, and appliances or under specific contracts for the period of time the board determines;
(3) by pledging all or part of any funds or revenues available to the district; or
(4) a combination of the sources set forth in Subdivisions (1), (2), and (3) of this section.

Added by Acts 1971, 62nd Leg., p. 795, ch. 84, Sec. 1. Amended by Acts 2003, 78th Leg., ch. 248, Sec. 30, eff. June 18, 2003.

                    
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