Texas Government Code 1473.053 – Obligations Not Payable From Taxes
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(a) A security issued under this subchapter:
(1) is not a debt of the county;
(2) may be a charge only on the revenue that is pledged, assigned, or encumbered; and
(3) may not be included in determining the power of the county to issue bonds for any purpose authorized by law.
(b) Each security issued under this subchapter must include the following provision: “The holder of this obligation is not entitled to demand payment of this obligation out of any money raised by taxation.”
Terms Used In Texas Government Code 1473.053
- 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.