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Texas Special District Local Laws Code - SDLL § 8888.251. Revenue Notes

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(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.  (Acts 76th Leg., R.S., Ch. 1029, Sec. 5.01.)

Cite this article: - Texas Special District Local Laws Code - SDLL § 8888.251. Revenue Notes - last updated April 14, 2021 |

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