Texas Government Code 1509.901 – Pledge of Revenue From Toll Bridge Contract
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Terms Used In Texas Government Code 1509.901
- Contract: A legal written agreement that becomes binding when signed.
A municipality that receives revenue because of a contract with another municipality relating to the operation of a toll bridge over the Rio Grande may appropriate or pledge all or any part of that revenue to:
(1) redeem or pay the principal of or interest on any bond, note, or warrant that the municipality is authorized to issue; or
(2) retire any other debt the municipality is authorized to incur.