Texas Local Government Code 322.077 – Bonds Not State or County Debt
Current as of: 2024 | Check for updates
|
Other versions
(a) The bonds are not a debt of either of the counties, of this state, or of the individual members of the board, but are payable solely from the income and properties of the board.
(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 322.077
- 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.