Texas Government Code 1505.106 – 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 against the revenue, property, or improvement pledged for the payment of the obligation; and
(3) may not be included in determining the power of the municipality to issue bonds or lend its credit for any purpose authorized by law.
(b) Each obligation issued under this subchapter must contain the following provision: “The holder of this obligation is not entitled to demand payment of this obligation from any money raised by taxation.”
Terms Used In Texas Government Code 1505.106
- 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