Texas Special District Local Laws Code - SDLL § 8515.0501. Revenue Notes

(a) The board, without an election, may borrow money, not to exceed $55 million in the aggregate, on the authority's negotiable notes, payable solely from the authority's revenue derived from the ownership of all or any designated part of the authority's works, plant, improvements, facilities, equipment, or water rights after deduction of the reasonable cost of maintaining and operating the facilities.

(b) The notes may be first or subordinate lien notes at the board's discretion.  An obligation may not be a charge on the authority's property or on the taxes imposed by the authority.  An obligation may only be a charge on the revenue pledged for the payment of the obligation.  No part of the obligation may ever be paid from the taxes imposed by the authority.

(c) The notes may bear interest at a rate not to exceed 10 percent and must mature not later than 40 years after the date of their issuance.