Tex. Local Gov't Code Section 320.078
Bonds Not State or County Debt

(a)

The revenue bonds are not a debt of the county or of the state but are payable solely from the revenues pledged to their payment.

(b)

The principal of or interest on revenue bonds or any refunding bonds is not a debt against the tax revenues of the county but is solely a charge on the pledged revenues.

(c)

The revenue bonds or refunding bonds may not be considered in determining the power of the county to incur obligations payable from taxation.

(d)

Each bond must contain on its face substantially the following provision: “The holder hereof shall never have the right to demand payment of his obligation out of any funds raised or to be raised by taxation.”
Acts 1987, 70th Leg., ch. 149, Sec. 1, eff. Sept. 1, 1987.

Source: Section 320.078 — Bonds Not State or County Debt, https://statutes.­capitol.­texas.­gov/Docs/LG/htm/LG.­320.­htm#320.­078 (accessed May 18, 2024).

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Accessed:
May 18, 2024

§ 320.078’s source at texas​.gov