Texas Local Government Code 107.005 – Payment of Obligations
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Terms Used In Texas Local Government Code 107.005
- Municipality: means a general-law municipality, home-rule municipality, or special-law municipality. See Texas Local Government Code 1.005
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
An obligation issued under Section 107.003 may be made payable by the municipality from:
(1) the fund from which compensation is paid to its officers and employees;
(2) its general fund; or
(3) taxes, revenues, both taxes and revenues, or any other source or combination of sources of money that the municipality may use under state law to secure or pay any kind of bond or obligation.