Sec. 1505.206. PLEDGE OF REVENUE. (a) In this section, "net revenue" means the gross revenue derived from a harbor improvement or facility less the amount necessary to pay the cost of maintaining and operating the harbor improvement or facility.
(b) A bond issued under this subchapter is payable from revenue pledged by the governing body of the municipality to the payment of the bond.
(c) To secure payment of principal of and interest on bonds issued under this subchapter, the governing body of the municipality may pledge:
(1) the gross or net revenue of:
(A) a harbor improvement or facility to be financed by the bonds; or
(B) a harbor improvement or facility in existence before the issuance of the bonds, if that revenue may be pledged;
(2) unless the bond authorization specifies a different amount, the entire amount of revenue due the municipality under a contract in existence before the issuance of the bonds or to be entered into after the issuance, if that revenue may be pledged; or
(3) any other revenue specified by the bond authorization that may be pledged.
Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999.
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