Texas § GV.1371.103 - SECURITY FOR OBLIGATION
Full text of Texas The Texas Constitution § GV.1371.103 — SECURITY FOR OBLIGATION, with citation guidance and answers to common questions.
§ GV.1371.103. SECURITY FOR OBLIGATION
SECURITY FOR OBLIGATION. (a) An obligation must be secured solely by: (1) the proceeds from the sale of other obligations; (2) the proceeds from the sale of revenue bonds payable from the revenue to be received from a public works or a specified user of a public works; (3) any revenue that the issuer is authorized by the constitution, a statute, or the charter of a home-rule municipality to pledge to the payment of an obligation; (4) a credit agreement; or (5) any combination of those sources. (b) A governing body may secure an obligation and pay the cost of a credit agreement executed and delivered in connection with the financing of a project cost with: (1) the sources permitted by this chapter; and (2) ad valorem taxes to the extent the project cost relates to an eligible project financed or to be financed with obligations payable from ad valorem taxes. Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999. Amended by Acts 1999, 76th Leg., ch. 1064, Sec. 20, eff. Sept. 1, 1999.
Frequently Asked Questions About Texas § GV.1371.103
What does The Texas Constitution § GV.1371.103 cover?
Section GV.1371.103 ("SECURITY FOR OBLIGATION") is part of the The Texas Constitution, the codified statutory law of Texas. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Texas § GV.1371.103?
A common citation format is "The Texas Constitution § GV.1371.103" (Texas). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Texas law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Texas official source linked on this page or consult a licensed Texas attorney.
How does Texas § GV.1371.103 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Texas can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Texas.