Texas Government Code 2306.472 – Department’s Bonds Other Than General Obligation Bonds Not Obligations of the State
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Terms Used In Texas Government Code 2306.472
- 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 for bonds authorized by the Texas Constitution and issued under § 2306.352, the department’s bonds:
(1) are solely obligations of the department and are payable solely from funds of the housing finance division;
(2) are not an obligation, debt, or liability of the state; and
(3) do not create or constitute a pledge, giving, or lending of the faith, credit, or taxing power of the state.