Sec. 1371.051. AUTHORITY TO ISSUE OBLIGATION. As authorized and approved by the governing body of an issuer, the governing body may issue, sell, and deliver an obligation to: (1) finance a project cost; (2) refund an obligation issued in connection with an eligible project; or (3) finance all or part of a payment owed or to be owed on: (A) the establishment of a credit agreement; or (B) the settlement or termination, at maturity or otherwise, of a credit agreement, whether the settlement or termination occurs: (i) at the option of the issuer or the other party to the credit agreement; or (ii) by operation of the terms of the credit agreement.
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