SECTION 363.906. Sales and Use Tax as Loan Security

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A rural community that is a municipality or county may pledge a percentage of the sales and use tax revenue that is received to the payment of debt incurred under a loan agreement entered into with the board, subject to authorization by a majority of the voters at an election called and held for that purpose.

Source Note: The provisions of this §363.906 adopted to be effective November 7, 2001, 26 TexReg 8848

                    
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