Texas Local Government Code 505.302 – Payment of Project Costs, Bonds, or Other Obligations
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Terms Used In Texas Local Government Code 505.302
- 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 proceeds of the sales and use tax imposed under this chapter may be used to:
(1) pay the costs of projects of the types added to the definition of “project” by Subchapter D; or
(2) pay the principal of, interest on, and other costs relating to bonds or other obligations issued by the Type B corporation to:
(A) pay the costs of the projects; or
(B) refund bonds or other obligations issued to pay the costs of projects.