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

Current as of January 01, 2024 | Updated by Findlaw Staff

(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.)

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Cite this article: FindLaw.com - Texas Special District Local Laws Code - SDLL § 8888.251. Revenue Notes - last updated January 01, 2024 | https://codes.findlaw.com/tx/special-district-local-laws-code/sdll-sect-8888-251/

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