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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: FindLaw.com - Texas Special District Local Laws Code - SDLL § 8888.251. Revenue Notes - last updated April 14, 2021 | https://codes.findlaw.com/tx/special-district-local-laws-code/sdll-sect-8888-251.html
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