Texas Education Code

§ 45.158 — CHARGES FOR USE OF STADIUM

ED § 45.158Title 2. PUBLIC EDUCATION · Part I. SCHOOL FINANCE AND FISCAL MANAGEMENT · Ch. 45. SCHOOL DISTRICT FUNDS · Art. F. ATHLETIC STADIUM AUTHORITIES

Statute text

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(a)The board of directors shall charge sufficient rates for services rendered by the stadium and shall use other sources of its revenues so that revenues will be produced sufficient to:

(1)pay all expenses in connection with the ownership, operation, and upkeep of the stadium;

(2)pay the interest on the bonds as it becomes due;

(3)create a sinking fund to pay the bonds as they become due; and

(4)create and maintain a bond reserve fund and other funds as provided in the bond resolution or trust indenture.

(b)The bond resolution or trust indenture may prescribe systems, methods, routines, and procedures under which the stadium shall be operated.

Legislative history

Added by Acts 1995, 74th Leg., ch. 260, Sec. 1, eff. May 30, 1995.