Gavvy: Water Code, Sec. 60.176. Obligations As Charge On Encumbered Property and Facilities.

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Sec. 60.176. Obligations As Charge On Encumbered Property and Facilities.

Sec. 60.176. OBLIGATIONS AS CHARGE ON ENCUMBERED PROPERTY AND FACILITIES. (a) No obligation issued under Section 60.174 of this code shall be a debt of the district issuing the obligation but shall be solely a charge on the encumbered property and facilities.

(b) Revenue and income from the encumbered property and facilities of the district shall not be considered in determining the power of the district to issue any bonds for any purpose authorized by law.

Acts 1971, 62nd Leg., p. 110, ch. 58, Sec. 1, eff. Aug. 30, 1971.

Gavvy last updated this database on: Sep 6, 2024