Charges For Services; Reserves

Sec. 1503.107. CHARGES FOR SERVICES; RESERVES. If the governing body of a municipality pledges the revenue of a property or facility of an airport to the payment of bonds issued under this subchapter, the governing body shall impose and collect a charge for services rendered in connection with the use of the property or facility in an amount at least sufficient to: (1) provide for the maintenance and operation expenses of the property or facility; (2) pay the principal of and interest on the bonds as required by the ordinance authorizing the bonds; and (3) provide any reserve fund required by the ordinance authorizing the bonds. Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999.