Sec. 1508.005. OBLIGATIONS NOT DEBT OF MUNICIPALITY. An obligation issued under this subchapter:
(1) is not a debt of the municipality;
(2) may be a charge only on the facility or land pledged for the payment of the obligation; 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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