Sec. 1505.159. USE OF REVENUE. Except as provided by Section 1505.160, a municipality may only use the gross revenue of a fish market acquired or constructed under this subchapter:
(1) to pay the expenses of operating and maintaining the market;
(2) after payment of operating and maintenance expenses, to pay the principal of and interest on any obligation issued to acquire or construct the market; and
(3) after payment of operating and maintenance expenses and debt service, to:
(A) redeem any obligation issued to acquire or construct the market before maturity; or
(B) invest in any security specified in a contract under which money for the acquisition or construction of the market is provided to the municipality.
Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999.
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