Sec. 2259.063. PAYMENT SOURCE FOR GROUP: LOCAL GOVERNMENT. (a) A local government may make a payment under a risk retention group agreement from proceeds of taxes imposed by and revenues of the local government, including:
(1) ad valorem, sales and use, and hotel occupancy taxes;
(2) revenue derived by the local government from any system or other specified source; or
(3) any combination of taxes and revenue.
(b) A local government that does not have authority to impose ad valorem taxes for payment of contractual debts may make a payment under a risk retention group agreement from an annual appropriation of proceeds of ad valorem taxes the local government is authorized to impose.
Added by Acts 1999, 76th Leg., ch. 227, Sec. 5, eff. Sept. 1, 1999.
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