Texas Transportation Code 284.036 – Bonds Secured Solely by Revenue
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Terms Used In Texas Transportation Code 284.036
- 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.
Bonds secured solely by a pledge of project revenue:
(1) are not a debt of the county issuing the bonds but are solely a charge on project revenue;
(2) may not be considered in determining the power of the county to issue for any purpose bonds payable in whole or in part from taxes; and
(3) must state: “The holder hereof shall never have the right to demand payment of this obligation out of any funds raised or to be raised by taxation.”