Texas Government Code 1477.304 – Pledge of Revenue
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(a) Bonds issued under this subchapter must be secured by a pledge of and be payable from all or a designated part of the revenue from the improvement or facility for which the bonds are issued, as provided in the order authorizing the bonds.
(b) The pledge securing the bonds is inferior to any previous pledge of the revenue for the payment of revenue bonds or revenue refunding bonds that are outstanding.
Terms Used In Texas Government Code 1477.304
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
(c) A county that leases a facility described by § 1477.302 as lessee may pledge all or part of the revenue from the facility to the lease payments.