Texas Transportation Code 22.052 – Bonds
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(a) A local government may pay wholly or partly from the proceeds of the sale of bonds the cost of planning, acquiring, establishing, constructing, improving, or equipping an airport or air navigation facility or the site of an air navigation facility or acquiring or eliminating airport hazards.
(b) For a purpose described by Subsection (a), a local government, in the manner provided by Subtitles A, C, D, and E, Title 9, Government Code, may:
(1) issue any form of secured or unsecured bonds, including general or special obligation bonds, revenue bonds, or refunding bonds; and
(2) impose taxes to provide for the interest and sinking funds of any bonds issued.
Terms Used In Texas Transportation Code 22.052
- 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.
(c) In a suit, action, or proceeding involving the security, validity, or enforceability of a bond issued by a local government that states on its face that it was issued under this chapter and for a purpose authorized to be accomplished by this chapter, the bond is considered to have been issued under this chapter for that purpose.
(d) If the principal and interest of a bond issued by a local government under this chapter is payable solely from the revenue of an airport or air navigation facility, the bond must state so on its face.