Texas Transportation Code 365.039 – County Bonds and Certificates of Obligation
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Terms Used In Texas Transportation Code 365.039
- 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.
A county may authorize, issue, and sell its bonds or certificates of obligation and use the proceeds to:
(1) call, redeem, and retire a district’s outstanding bonds;
(2) remove the pledge of the revenue from a district’s toll road project or other road, street, or highway project and the district’s convenants in connection with the bonds and toll road project; and
(3) make the toll road project available for use of the public free from tolls and charges.