Texas Local Government Code 501.206 – Money Used to Pay Bonds
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Terms Used In Texas Local Government Code 501.206
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
The principal of and interest on bonds issued by a corporation are payable only from the money provided for that payment and from the revenue of the project or projects for which the bonds were authorized.