Dedicated Repayment Revenue

Sec. 223.027. DEDICATED REPAYMENT REVENUE. The principal of, any redemption premium for, and interest on hospital project bonds are payable from and secured, as specified by the resolution of the governing body or in any trust agreement or other instrument securing the bonds, by a pledge of all or part of the revenues of the issuer to be derived from: (1) the ownership, operation, lease, use, mortgage, or sale of the hospital project for which the bonds have been issued; or (2) other revenues provided by a nonprofit organization. Acts 1989, 71st Leg., ch. 678, Sec. 1, eff. Sept. 1, 1989.