Section 293.051 - Revenue Bonds(a) The authority may issue negotiable revenue bonds to provide funds to carry out its purposes.(b) The bonds must: (1) be authorized by a board resolution;(2) be authorized by an election that is:(A) called by a resolution of the board;(B) held throughout the authority; and(C) called, held, and publicized in the manner provided by Chapter 1251, Government Code;(3) be signed by the board president or vice-president and countersigned by the board secretary, either by actual or printed facsimile signature;(4) include the authority seal;(5) mature serially or otherwise in 40 years or less;(6) be payable from and secured by a pledge of net revenues from ownership or operation of authority property; and(7) be sold at a price and under terms that the board considers the most advantageous and the most reasonably obtainable.(c) The bonds may: (1) be secured, in addition to the security prescribed in Subsection (b)(6), by a mortgage or deed of trust on authority real or personal property;(2) bear interest at a rate not to exceed the interest rate prescribed by Chapter 1204, Government Code;(3) be made callable before maturity at the times and prices prescribed in the bond resolution; and(4) be made registrable as to principal, interest, or both.Tex. Loc. Gov't. Code § 293.051
Amended by Acts 2001, 77th Leg., ch. 1420, Sec. 8.308, eff. 9/1/2001. Acts 1987, 70th Leg., ch. 149, Sec. 1, eff. 9/1/1987.