Texas Local Government Code 320.078 – Bonds Not State or County Debt
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(a) The revenue bonds are not a debt of the county or of the state but are payable solely from the revenues pledged to their payment.
(b) The principal of or interest on revenue bonds or any refunding bonds is not a debt against the tax revenues of the county but is solely a charge on the pledged revenues.
Terms Used In Texas Local Government Code 320.078
- 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.
(c) The revenue bonds or refunding bonds may not be considered in determining the power of the county to incur obligations payable from taxation.
(d) Each bond must contain on its face substantially the following provision: “The holder hereof shall never have the right to demand payment of his obligation out of any funds raised or to be raised by taxation.”