Texas Government Code 1505.159 – Use of Revenue
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Terms Used In Texas Government Code 1505.159
- Contract: A legal written agreement that becomes binding when signed.
- 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.
Except as provided by Section 1505.160, a municipality may only use the gross revenue of a fish market acquired or constructed under this subchapter:
(1) to pay the expenses of operating and maintaining the market;
(2) after payment of operating and maintenance expenses, to pay the principal of and interest on any obligation issued to acquire or construct the market; and
(3) after payment of operating and maintenance expenses and debt service, to:
(A) redeem any obligation issued to acquire or construct the market before maturity; or
(B) invest in any security specified in a contract under which money for the acquisition or construction of the market is provided to the municipality.