Texas Government Code 1509.004 – Bond Payments From Revenue or Taxes
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(a) A municipality may provide for payment of the principal of and interest on bonds issued under this subchapter by:
(1) pledging all or part of the revenue from the sale or lease of all or part of the land, building, or other facility financed by the bonds, after deduction of reasonable operation and maintenance costs;
(2) imposing an annual ad valorem tax; or
(3) combining those sources.
(b) A municipality with a population of 80,000 or more may also provide for the payment of the principal of or interest on the bonds by pledging all or any part of other municipal revenue that is not prohibited from being used for that payment.
Terms Used In Texas Government Code 1509.004
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Population: means the population shown by the most recent federal decennial census. See Texas Government Code 311.005
(c) A municipality with a population of at least 50,000 that has taken action under § 1509.001(a)(3) may also provide for the payment of the principal of or interest on the bonds issued to finance the action taken by pledging all or any part of other municipal revenue that the municipality is not prohibited from using for that payment.