Text of section effective on April 01, 2021
Sec. 479.0202. ISSUANCE OF NOTES. (a) To meet its obligations under a motor sports racing event support contract or event support contract to improve, renovate, or acquire facilities or to acquire equipment, an endorsing municipality by ordinance or an endorsing county by order may authorize the issuance of notes.
(b) An endorsing municipality or endorsing county may provide that the notes be paid from and secured by:
(1) amounts on deposit or amounts to be transferred or deposited to the trust fund; or
(2) surcharges from user fees charged in connection with the motor sports racing event, including parking or ticket fees.
(c) A note issued must mature not later than the seventh anniversary of the date of issuance.
Added by Acts 2019, 86th Leg., R.S., Ch. 301 (H.B. 4174), Sec. 1.01, eff. April 1, 2021.
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