Texas Government Code 1508.106 – Obligation 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 on the property and revenue encumbered; and
(3) may not be included in determining the power of the municipality to issue bonds for any purpose authorized by law.
(b) A contract, bond, warrant, or note issued or executed under this subchapter must contain the following provision: “The holder of this obligation is not entitled to demand payment of this obligation out of any money raised by taxation.”
Terms Used In Texas Government Code 1508.106
- 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.
- Property: means real and personal property. See Texas Government Code 311.005