Texas Transportation Code
Sec.
§
54.104
Authority of Board to Issue Obligations
(a)
A board by resolution may issue in the name of the board, with the consent of the governing body of the municipality:
(1)
obligations payable from revenue in the manner provided by this chapter to provide money for a port improvement or facility or to refund previously issued obligations;
(2)
expense warrants drawn against the revenue of the board to pay expenses during the fiscal year of the board in which the warrants are issued; or
(3)
certificates of participation in contractual obligations to pay money.
(b)
Notwithstanding any other provision of this chapter, a board may issue obligations only if the governing body of the municipality by ordinance approves the issuance.Added by Acts 1999, 76th Leg., ch. 227, Sec. 20, eff. Sept. 1, 1999.