Texas Transportation Code 454.028 – Obligation of Transportation System Not Municipal Debt
Current as of: 2024 | Check for updates
|
Other versions
(a) An obligation of a mass transportation system:
(1) is not a debt of the municipality;
(2) is solely a charge on the property, including the pledged revenue, of the encumbered system; and
(3) may not be included in determining the power of the municipality to issue any bonds or notes for any purpose authorized by law.
(b) A municipality may make payments on bonds or notes issued under this chapter out of any other funds that lawfully may be used for that purpose.
Terms Used In Texas Transportation Code 454.028
- 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.
- Property: means real and personal property. See Texas Government Code 311.005