Sec. 1507.154. LIMITATION. A municipality may not issue bonds under this subchapter in a principal amount that:
(1) exceeds the amount of loss sustained or anticipated by the municipality and the cost of issuing the bonds; or
(2) would result in the outstanding aggregate principal amount of tax bond indebtedness of the municipality exceeding 10 percent of the assessed valuation of taxable property in the municipality according to the most recent ad valorem tax roll of the municipality.
Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999.
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