Texas Transportation Code

§ 364.044 — REVENUE BONDS

TN § 364.044Title 6. ROADWAYS · Part G. TURNPIKES AND TOLL PROJECTS · Ch. 364. TOLL BRIDGES IN COUNTIES BORDERING THE RIO GRANDE · Art. C. BONDS AND FINANCES

Statute text

View on source

(a)Except for bonds issued under Section 364.045, bonds issued under this chapter are not a debt of the county issuing them and are a charge on and payable solely from the revenues of the toll bridge or bridges and appurtenances acquired through the issuance of the bonds, as provided by the bond proceedings.

(b)Revenue bonds issued under this chapter are not considered in determining the authority of a county to issue bonds for any purpose authorized by law.

(c)A revenue bond issued under this chapter must include the following clause: "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."

Legislative history

Acts 1995, 74th Leg., ch. 165, Sec. 1, eff. Sept. 1, 1995.