Sec. 1505.160. SUBORDINATE OBLIGATIONS. (a) If the governing body of a municipality considers it necessary to extend or enlarge the fish market, the governing body may:
(1) issue subordinate bonds or notes; and
(2) pledge the revenue of the fish market to the payment of those bonds or notes.
(b) A pledge of the revenue for subordinate bonds or notes is inferior to any prior pledge.
(c) The municipality shall establish, deposit, and secure the funds to facilitate the payment of the principal of and interest on the bonds or notes.
Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999.
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