Texas Government Code 1504.254 – Pledge of Revenue
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(a) Bonds issued under this subchapter must be secured by a pledge of and be payable from all or a designated part of the revenue from the cultural or parking facility for which the bonds are issued, as provided in the ordinance authorizing the issuance of the bonds.
(b) The pledge securing the bonds is inferior to any previous pledge of the revenue for the payment of revenue bonds or refunding bonds that are outstanding.
Terms Used In Texas Government Code 1504.254
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
(c) A municipality that leases as lessee a cultural or parking facility described by § 1504.252 may pledge all or part of the revenue from the facility to the lease payments the municipality must make.