Texas Special District Local Laws Code 8501.253 – No Creation of Debt; No Payment From Taxes
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(a) An obligation issued under this chapter is not a debt or a pledge of credit of the authority.
(b) The obligation:
(1) may not be paid in whole or part from any money raised by taxation; and
(2) must contain a recital to that effect.
Terms Used In Texas Special District Local Laws Code 8501.253
- 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.