Tex.
Local Gov't Code Section 281.071
Issuance of Bonds
(a)
An authority may issue revenue bonds for any purpose set forth in Subchapters A through E when the issuance is authorized by a resolution adopted by the board. The bonds must be secured by a pledge of, and be payable from, all or a designated part of the authority’s revenues from its facilities or any other source, including contract and lease proceeds.(b)
The bonds may mature serially or in any other manner. The bonds may not mature later than 40 years after the date of the bonds.(c)
The bonds shall bear interest at a rate that does not exceed the maximum interest rate authorized by Chapter 1204 (Interest Rate), Government Code.(d)
The bonds and the appurtenant interest coupons, if any, are investment securities under Chapter 8 (Security Instruments), Business & Commerce Code.(e)
As provided by the board, the bonds and interest coupons:(1)
may be issued registrable as to principal or as to both principal and interest; and(2)
may be made redeemable before maturity, at the option of the board, or may contain a mandatory redemption provision.(f)
In the resolution authorizing the issuance of the bonds, the board shall designate the form and denominations of the bonds; the manner, terms, conditions, and details of issuance; and the manner of signing and executing the bonds.
Source:
Section 281.071 — Issuance of Bonds, https://statutes.capitol.texas.gov/Docs/LG/htm/LG.281.htm#281.071 (accessed May 18, 2024).
