Tex. Util. Code § 163.087

Current with legislation from the 2023 Regular and Special Sessions signed by the Governor as of November 21, 2023.

Section 163.087 - 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.

Tex. Util. Code § 163.087

Added by Acts 2015, 84th Leg., R.S., Ch. 1162 (S.B. 776), Sec. 3, eff. September 1, 2015.