Tex.
Spec. Dist. Local Laws Code Section 8888.253
Bonds and Notes
(a)
To carry out a power conferred by this chapter, the authority may issue bonds secured by all or part of the revenue from any source, including any source described by Section 8888.251 (Revenue Notes)(a).(b)
In issuing or securing a bond or note of the authority, the authority may exercise any power of an issuer under Chapter 1371 (Obligations for Certain Public Improvements), Government Code.(c)
The authority may conduct a public, private, or negotiated sale of the bonds.(d)
The bonds must:(1)
be authorized by board resolution;(2)
be issued in the authority’s name;(3)
be signed by the board president or vice president;(4)
be attested by the board secretary; and(5)
bear the authority’s seal or facsimile seal.(e)
The bonds may be secured by an indenture of trust with a corporate trustee.(f)
The authority may issue bonds in more than one series as required for carrying out the purposes of this chapter. In issuing bonds secured by the authority’s revenue, the authority may reserve the right to issue additional bonds secured by the authority’s revenue that are on a parity with or are senior or subordinate to the bonds issued earlier.(g)
The resolution authorizing the bonds or the trust indenture securing the bonds may specify additional provisions that constitute a contract between the authority and the authority’s bondholders. The board may provide for:(1)
additional bond provisions; and(2)
a corporate trustee or receiver to take possession of the authority’s facilities if the authority defaults.(h)
Section 49.181 (Authority of Commission over Issuance of District Bonds), Water Code, does not apply to bonds or notes issued by the authority.
Source:
Section 8888.253 — Bonds and Notes, https://statutes.capitol.texas.gov/Docs/SD/htm/SD.8888.htm#8888.253 (accessed Jun. 5, 2024).
