Texas Special District Local Laws Code 8503.012 – Payment of Debts
Current as of: 2024 | Check for updates
|
Other versions
Terms Used In Texas Special District Local Laws Code 8503.012
- Contract: A legal written agreement that becomes binding when signed.
- Lien: A claim against real or personal property in satisfaction of a debt.
- 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.
Any indebtedness, liability, or obligation of the authority for the payment of money, however entered into or incurred and whether arising from contract, implied contract, or otherwise, is payable solely:
(1) out of revenues received by the authority with respect to its properties, subject to any prior lien on the revenues conferred by any resolution or resolutions adopted as provided by this chapter authorizing the issuance of bonds; or
(2) if the board so determines, out of the proceeds of sale by the authority of bonds payable solely from those revenues.