Tex. Gov't Code Section 1503.155
Obligation Not Debt

An obligation described by Section 1503.152 (Pledge of Income) or 1503.153 (Encumbrance of Airport):


may be a charge only on the property encumbered;


is not a debt of the municipality; and


may not be included in determining the power of the municipality to issue bonds for any purpose authorized by law.
Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999.

Source: Section 1503.155 — Obligation Not Debt, https://statutes.­capitol.­texas.­gov/Docs/GV/htm/GV.­1503.­htm#1503.­155 (accessed Nov. 25, 2023).

Nov. 25, 2023

§ 1503.155’s source at texas​.gov