This section establishes that bonds issued under this provision are a general obligation of the state, ensuring that funds are allocated for their repayment. It affects state financial management and bondholders by mandating that sufficient funds are set aside annually to cover principal and interest payments.
Bonds are a general obligation of the state.
Funds must be allocated for annual principal and interest payments.
Affects state treasury management and bondholder security.
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In simple terms: Learn about Texas's law, including definitions, penalties, and legal implications.. This means people must follow this rule, and breaking it can lead to criminal penalties.
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