Texas Government Code 1504.105 – Obligations Not Payable From Taxes
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(a) An obligation issued under this subchapter:
(1) is not a debt of the municipality;
(2) may be a charge only on the revenue pledged for the payment of the obligation; and
(3) may not be included in determining the power of the municipality to issue bonds for any purpose authorized by law.
(b) Each contract, bond, note, or other evidence of indebtedness issued or included under this subchapter must contain 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 Government Code 1504.105
- Contract: A legal written agreement that becomes binding when signed.
- Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
- 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.