Texas Local Government Code 321.077 – Bonds Not State or County Debt
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(a) The bonds are not a debt of the county or this state within the meaning of any constitutional or statutory provision, but are payable solely from the revenues pledged to their payment as provided by this subchapter.
(b) Each bond must contain on its face substantially the following provision: “The holder hereof shall never have the right to demand payment of this obligation out of any funds raised or to be raised by taxation.”
Terms Used In Texas Local Government Code 321.077
- 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 bonds may not be considered in determining the power of the county to incur obligations payable from taxation.