Tex. Transp. Code § 460.508

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

Section 460.508 - Notes

(a) An authority may issue negotiable notes payable from any of the authority's sources of revenue to pay for any lawful expenditure, other than principal and interest on the authority's debt.

(b) Notes issued by an authority shall be payable over a period not to exceed five years from the date of issuance.

(c) The Texas Commission on Environmental Quality is not required to approve notes issued under this section.

(d) An authority may not have outstanding notes in excess of $10 million at any one time.

Tex. Transp. Code § 460.508

Amended by: Acts 2007, 80th Leg., R.S., Ch. 326 (H.B. 2682), Sec. 18, eff. September 1, 2007

Amended by Acts 2003, 78th Leg., ch. 306, Sec. 12, eff. Sept. 1, 2003

Added by Acts 2001, 77th Leg., ch. 1186, Sec. 1, eff. Sept. 1, 2001.