Tex. Spec. Dists. Code § 8888.251

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

Section 8888.251 - Revenue Notes

(a) The board, without an election, may borrow money on negotiable notes of the authority payable solely from the revenue from any source, including:

(1) tolls, charges, and fees the authority imposes;

(2) the sale of water, water or sewer services, or any other service or product of the authority;

(3) grants or gifts;

(4) the ownership and operation of all or a designated part of the authority's works, improvements, facilities, plants, or equipment; and

(5) contracts between the authority and any person.

(b) The notes may be first or subordinate lien notes at the board's discretion. An obligation may not be a charge on the property of the authority. An obligation may only be a charge on revenue pledged for the payment of the obligation.

Tex. Spec. Dist. Loc. Laws § 8888.251

Added by Acts 2017, Texas Acts of the 85th Leg. - Regular Session, ch. 869,Sec. 1.04, eff. 4/1/2019.