Texas Government Code 1508.005 – Obligations Not Debt of Municipality
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Terms Used In Texas Government Code 1508.005
- 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.
An obligation issued under this subchapter:
(1) is not a debt of the municipality;
(2) may be a charge only on the facility or land pledged for the payment of the obligation; and
(3) may not be included in determining the power of the municipality to issue bonds for any purpose authorized by law.