Sec. 293.051. REVENUE BONDS. (a) The authority may issue negotiable revenue bonds to provide funds to carry out its purposes. (b) The bonds must: (1) be authorized by a board resolution; (2) be authorized by an election that is: (A) called by a resolution of the board; (B) held throughout the authority; and (C) called, held, and publicized in the manner provided by Chapter 1251 , Government Code; (3) be signed by the board president or vice-president and countersigned by the board secretary, either by actual or printed facsimile signature; (4) include the authority seal; (5) mature serially or otherwise in 40 years or less; (6) be payable from and secured by a pledge of net revenues from ownership or operation of authority property; and (7) be sold at a price and under terms that the board considers the most advantageous and the most reasonably obtainable. (c) The bonds may: (1) be secured, in addition to the security prescribed in Subsection (b)(6), by a mortgage or deed of trust on authority real or personal property; (2) bear interest at a rate not to exceed the interest rate prescribed by Chapter 1204 , Government Code; (3) be made callable before maturity at the times and prices prescribed in the bond resolution; and (4) be made registrable as to principal, interest, or both.
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