Texas § LG.320.073 - PLEDGE OF REVENUES

§ LG.320.073. PLEDGE OF REVENUES

PLEDGE OF REVENUES. (a) Revenue bonds may be secured by a pledge of all or part of the net revenues from the operation of the parks or from the properties or facilities. The net revenues of any one or more contracts, operation contracts, leases, or agreements may be pledged as the sole or as additional security for the support of the bonds. (b) Any revenue other than tax revenues, as specified in the bond order, may be pledged for the support of the bonds. (c) In the bond order, the county may reserve the right to issue additional revenue bonds that will be on a parity with, or subordinate to, the revenue bonds then being issued. (d) While any of the revenue bonds are outstanding, other obligations may not be issued against the pledged revenues except to the extent and in the manner expressly permitted in the bond order. (e) In this subchapter, "net revenues" means the gross revenues from the operation of those properties and facilities of the parks, the net revenues of which properties and facilities are pledged for the support of the bonds, after deduction of the necessary and reasonable expenses of operation and maintenance of the properties and facilities. Acts 1987, 70th Leg., ch. 149, Sec. 1, eff. Sept. 1, 1987.