Texas § GV.1505.110 - OPERATING EXPENSES AS FIRST LIEN
Full text of Texas The Texas Constitution § GV.1505.110 — OPERATING EXPENSES AS FIRST LIEN, with citation guidance and answers to common questions.
§ GV.1505.110. OPERATING EXPENSES AS FIRST LIEN
OPERATING EXPENSES AS FIRST LIEN. (a) The reasonable costs of administering and operating and the reasonable expense of maintaining the project are a first lien against the revenue and income from the operation of the project, superior to the lien of any indenture or deed of trust on the project. (b) From the revenue and income of the project, the municipality shall, monthly or more frequently if necessary: (1) first deposit to the credit of the operation and maintenance account an amount sufficient to pay the costs and expense described in Subsection (a); and (2) deposit to the credit of the interest and sinking fund account an amount sufficient to pay when due the principal of and interest on the obligation. (c) Revenue or income from a project may not be used except as provided by this section while an obligation related to the project remains outstanding. Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999.
Frequently Asked Questions About Texas § GV.1505.110
What does The Texas Constitution § GV.1505.110 cover?
Section GV.1505.110 ("OPERATING EXPENSES AS FIRST LIEN") 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.1505.110?
A common citation format is "The Texas Constitution § GV.1505.110" (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.1505.110 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.