Sec. 1503.155. OBLIGATION NOT DEBT. An obligation described by Section 1503.152 or 1503.153:
(1) may be a charge only on the property encumbered;
(2) is not a debt of the municipality; and
(3) may not be included in determining the power of the municipality to issue bonds for any purpose authorized by law.
Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999.
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