Texas Government Code 1505.208 – Bonds Not Payable From Taxes
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(a) A bond issued under this subchapter:
(1) is not a debt of the municipality; and
(2) may be a charge only against the property, facilities, and contracts authorized by the bond authorization.
(b) Each bond issued under this subchapter must state on its face 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 1505.208
- 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