Tex. Local Gov't Code Section 504.104
Assumption or Payment of Preexisting Debt Prohibited


A Type A corporation may not:

(1)

assume a debt that existed before the date the authorizing municipality authorized the creation of the corporation; or

(2)

make an expenditure to pay the principal of or interest on a debt that existed before the date prescribed by Subdivision (1).
Added by Acts 2007, 80th Leg., R.S., Ch. 885 (H.B. 2278), Sec. 3.01, eff. April 1, 2009.

Source: Section 504.104 — Assumption or Payment of Preexisting Debt Prohibited, https://statutes.­capitol.­texas.­gov/Docs/LG/htm/LG.­504.­htm#504.­104 (accessed Jun. 5, 2024).

504.001
Definition
504.002
Applicability of Chapter
504.003
Authority to Create Corporation
504.004
Contents of Certificate of Formation
504.005
Corporation Not Subject to Certain Provisions
504.051
Board of Directors
504.052
Officers
504.053
Quorum
504.054
Location of Board Meetings
504.055
Restrictions on Registered Agent and Office
504.101
Applicability of Other Law
504.102
Contract with Other Private Corporation
504.103
Limitation on Primary Purpose of Project
504.104
Assumption or Payment of Preexisting Debt Prohibited
504.105
Limitation on Use of Revenues for Promotional Purpose
504.106
Eminent Domain
504.107
Liability
504.151
Definitions
504.152
Election to Authorize Projects Applicable to Type B Corporations
504.153
Public Hearing Preceding Election
504.154
Limitation on Subsequent Election
504.155
Subsequent Approval of Additional Projects
504.156
Applicability of Chapter to Additional Project
504.171
Authority of Certain Corporations to Undertake Type B Projects
504.201
Definitions
504.202
Agreement to Invest in Extraterritorial Project
504.203
Required Agreement with Corresponding Taxing Unit
504.204
Effect on Authority Under Other Law
504.251
Tax Authorized
504.252
Sales Tax
504.253
Use Tax
504.254
Combined Tax Rate
504.255
Applicability of Tax Code
504.256
Ballot
504.257
Limitation on Duration of Tax
504.258
Election to Reduce or Increase Tax Rate
504.259
Reduction of Tax Within Regional Transportation Authority
504.260
Limited Sales and Use Tax for Specific Project
504.261
Concurrent Election with Election Under Tax Code
504.262
Procedures on Expiration of Tax
504.301
Delivery and General Use of Tax Proceeds
504.302
Payment of Maintenance and Operating Costs
504.303
Payment of Bonds
504.304
Payment for Cleanup of Contaminated Property
504.305
Payment for Job Training
504.351
Election to Terminate Existence of Corporation on Petition
504.352
Ballot
504.353
Termination of Existence of Corporation

Accessed:
Jun. 5, 2024

§ 504.104’s source at texas​.gov