Texas Government Code 1503.155 – Obligation Not Debt
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Terms Used In Texas Government Code 1503.155
- 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.
- Property: means real and personal property. See Texas Government Code 311.005
An obligation described by § 1503.152 or 1503.153:
(1) may be a charge only on the property encumbered;
(2) is not a debt of the municipality; and
(3) may not be included in determining the power of the municipality to issue bonds for any purpose authorized by law.