Gavvy: Gov’t Code, Sec. 1504.005. Bonds Not Payable from Taxes; Exception.

Add your company name, a link, and a message to this page.

Sec. 1504.005. Bonds Not Payable from Taxes; Exception.

Sec. 1504.005. BONDS NOT PAYABLE FROM TAXES; EXCEPTION. (a) The owner or holder of a bond issued under this subchapter is not entitled to demand payment of the principal of or interest on the bond from money raised by taxation.

(b) Subsection (a) does not apply to a demand for payment from hotel occupancy taxes that are pledged under Chapter 351, Tax Code, to the payment of the bond.

Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999.

Gavvy last updated this database on: Sep 6, 2024