Sec. 8183.255. BONDS PAYABLE FROM REVENUE. (a) Bonds issued under this subchapter may be secured under board resolution by a pledge of:
(1) all or part of the net revenue of the district;
(2) the net revenue of one or more contracts made before or after the issuance of the bonds; or
(3) other revenue or income specified by resolution of the board or in the trust indenture.
(b) The pledge may reserve the right to issue additional bonds on a parity with, or subordinate to, the bond being issued, subject to conditions specified in the pledge.
(c) Bonds not payable wholly or partly from ad valorem taxes may be issued without an election.
Added by Acts 2007, 80th Leg., R.S., Ch. 920 (H.B. 3166), Sec. 1.10, eff. April 1, 2009.
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