Tex. Utils. Code Section 163.067
Nonnegotiable Purchase Money Notes

(a)

The agency may issue nonnegotiable purchase money notes to acquire land or fuel resources.

(b)

Nonnegotiable purchase money notes are:

(1)

payable in installments;

(2)

secured by the property acquired with the notes or other collateral the agency substitutes; and

(3)

not a security or agency obligation.

(c)

Nonnegotiable purchase money notes may be further secured by a promise to issue bonds or bond anticipation notes to pay the purchase money notes.
Acts 1997, 75th Leg., ch. 166, Sec. 1, eff. Sept. 1, 1997.

Source: Section 163.067 — Nonnegotiable Purchase Money Notes, https://statutes.­capitol.­texas.­gov/Docs/UT/htm/UT.­163.­htm#163.­067 (accessed May 18, 2024).

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Accessed:
May 18, 2024

§ 163.067’s source at texas​.gov