Tex.
Local Gov't Code Section 337.012
General Powers
(a)
A corporation has the same powers, authority, and rights:(1)
with respect to cultural facilities and health facilities that a health facilities development corporation has with respect to health facilities under Chapter 221, Health and Safety Code; and(2)
with respect to educational facilities, housing facilities, and other facilities incidental, subordinate, or related to those facilities that a nonprofit corporation created under Section 53.35 (Issuance of Bonds; Procedure; Etc)(b), Education Code, or an authority created under Section 53.11 (Creation of Authority), Education Code, has under Chapter 53 (Higher Education Facility Authorities for Public Schools), Education Code.(b)
Except as provided by this chapter, a corporation has the same rights and powers as a corporation organized under the former Texas Non-Profit Corporation Act (Article 1396-1.01 et seq., Vernon’s Texas Civil Statutes) or formed under the Texas Nonprofit Corporation Law, as described by Section 1.008 (Short Titles)(d), Business Organizations Code.(c)
The powers of a corporation under Subsection (a) include the power to:(1)
acquire, purchase, lease, mortgage, and convey property with respect to a facility;(2)
borrow money by issuing bonds, notes, and other obligations;(3)
lend money for the corporation’s corporate purposes;(4)
invest and reinvest the corporation’s funds; and(5)
secure the corporation’s bonds, notes, and obligations by mortgaging, pledging, assigning, or otherwise encumbering the corporation’s property or assets.(d)
Except as otherwise provided by this chapter, any bonds, notes, or other obligations authorized under Subsection (c) must be issued in accordance with Chapter 1201 (Public Security Procedures Act), Government Code.
Source:
Section 337.012 — General Powers, https://statutes.capitol.texas.gov/Docs/LG/htm/LG.337.htm#337.012 (accessed May 18, 2024).
