Tex. Gov't Code Section 1503.059
Authority to Impose Tax

(a)

A municipality that issues warrants under this subchapter shall annually impose a tax in an amount sufficient to pay when due the principal of and interest on the warrants. The tax shall be imposed and paid in the same manner as other taxes of the municipality.

(b)

If the warrants are additionally secured by a pledge of the receipts derived from the operation of the airport for which the warrants are issued, the municipality may reduce the tax imposed under this section by the amount of money available that is pledged to the payment of the principal of and interest on the warrants.

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

Source: Section 1503.059 — Authority to Impose Tax, https://statutes.capitol.texas.gov/Docs/GV/htm/GV.1503.htm#1503.059 (accessed Jun. 5, 2024).

1503.001
Authority to Issue Revenue Bonds 1503.002
Bonds Payable from Revenue 1503.003
Pledge of Tax for Operation and Maintenance Expenses 1503.004
Contents of Ordinance Authorizing Bonds 1503.005
Adoption and Execution of Documents 1503.006
Maturity 1503.007
Signatures 1503.008
Sale of Bonds 1503.009
Investment of Bond Proceeds and Funds 1503.010
Refunding Bonds 1503.011
Applicability of Other Law 1503.051
Applicability of Subchapter 1503.052
Definition 1503.053
Authority to Issue Bonds and Warrants 1503.054
Pledge of Revenue 1503.055
Maturity 1503.056
Limit on Amount of Warrants 1503.057
Sale of Warrants 1503.058
Action to Collect Warrants 1503.059
Authority to Impose Tax 1503.060
Charges for Service or Facility 1503.061
Inconsistency with Other Law or Municipal Charter 1503.101
Applicability of Subchapter 1503.102
Authority to Issue Revenue Bonds 1503.103
Pledge of Revenue 1503.104
Lien on Airport 1503.105
Bonds Not Payable from Taxes 1503.106
Maturity 1503.107
Charges for Services 1503.108
Refunding Bonds 1503.151
Applicability of Subchapter 1503.152
Pledge of Income 1503.153
Encumbrance of Airport 1503.154
Grant of Franchise 1503.155
Obligation Not Debt 1503.156
Authority to Issue Notes and Warrants Without Election 1503.201
Applicability of Subchapter 1503.202
Competitive Bids and Payment or Performance Bonds Not Required 1503.203
Payment of Prevailing Wage Rates

Accessed:
Jun. 5, 2024

§ 1503.059’s source at texas.gov

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Location: https://texas.public.law/statutes/tex._gov't_code_section_1503.059

Original Source: Section 1503.059 — Authority to Impose Tax, https://statutes.capitol.texas.gov/Docs/GV/htm/GV.1503.htm#1503.059 (last accessed Jun. 5, 2024).