Texas Transportation Code 367.060 – Bonds and Warrants Not Payable From Taxes
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(a) Bonds and warrants issued under this subchapter are not a debt of the municipality that issues them and are a charge only against:
(1) the pledged revenues of the toll bridge; and
(2) the property comprising the toll bridge, if a lien is given on that property.
(b) A bond or warrant issued under this subchapter must include substantially the following provision: “The holder of this obligation is not entitled to demand payment of this obligation out of any money raised by taxation.”
Terms Used In Texas Transportation Code 367.060
- 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.
- Property: means real and personal property. See Texas Government Code 311.005