Texas Government Code 479.0202 – Issuance of Notes
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(a) To meet its obligations under a motor sports racing event support contract or event support contract to improve, renovate, or acquire facilities or to acquire equipment, an endorsing municipality by ordinance or an endorsing county by order may authorize the issuance of notes.
(b) An endorsing municipality or endorsing county may provide that the notes be paid from and secured by:
(1) amounts on deposit or amounts to be transferred or deposited to the trust fund; or
(2) surcharges from user fees charged in connection with the motor sports racing event, including parking or ticket fees.
Terms Used In Texas Government Code 479.0202
- Contract: A legal written agreement that becomes binding when signed.
- User fees: Fees charged to users of goods or services provided by the government. In levying or authorizing these fees, the legislature determines whether the revenue should go into the treasury or should be available to the agency providing the goods or services.
(c) A note issued must mature not later than the seventh anniversary of the date of issuance.