Gavvy: Gov’t Code, Sec. 1509.901. Pledge of Revenue from Toll Bridge Contract.

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Sec. 1509.901. Pledge of Revenue from Toll Bridge Contract.

Sec. 1509.901. PLEDGE OF REVENUE FROM TOLL BRIDGE CONTRACT. A municipality that receives revenue because of a contract with another municipality relating to the operation of a toll bridge over the Rio Grande may appropriate or pledge all or any part of that revenue to:

(1) redeem or pay the principal of or interest on any bond, note, or warrant that the municipality is authorized to issue; or

(2) retire any other debt the municipality is authorized to incur.

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

Gavvy last updated this database on: Sep 6, 2024