Sec. 8503.012. PAYMENT OF DEBTS. Any indebtedness, liability, or obligation of the authority for the payment of money, however entered into or incurred and whether arising from contract, implied contract, or otherwise, is payable solely:
(1) out of revenues received by the authority with respect to its properties, subject to any prior lien on the revenues conferred by any resolution or resolutions adopted as provided by this chapter authorizing the issuance of bonds; or
(2) if the board so determines, out of the proceeds of sale by the authority of bonds payable solely from those revenues.
Added by Acts 2003, 78th Leg., ch. 996, Sec. 1, eff. Sept. 1, 2003.
Renumbered from Water Code, Section 222.012 by Acts 2007, 80th Leg., R.S., Ch. 921 (H.B. 3167), Sec. 13.006(b), eff. September 1, 2007.
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