Texas Transportation Code

§ 54.109 — CONTENTS OF ORDINANCE OR RESOLUTION AUTHORIZING ISSUANCE OF OBLIGATIONS PAYABLE FROM REVENUE

TN § 54.109Title 4. NAVIGATION · Part A. WATERWAYS AND PORTS · Ch. 54. HARBOR AND PORT FACILITIES IN CERTAIN MUNICIPALITIES · Art. C. OBLIGATIONS

Statute text

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(a)The ordinance of the governing body of the municipality or the resolution of the board authorizing the issuance of obligations payable from revenue may:

(1)provide for the flow of funds and the establishment and maintenance of an interest and sinking fund, reserve fund, or other fund;

(2)specify a depository for the money; and

(3)contain any additional covenant, as considered appropriate, with respect to the obligations, the pledged revenue, and the operation and maintenance of each port improvement or facility the net revenue of which is pledged, including provisions for:

(A)the lease of a port improvement or facility; and

(B)the use or pledge of money derived from that lease.

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Legislative history

Added by Acts 1999, 76th Leg., ch. 227, Sec. 20, eff. Sept. 1, 1999.