Skip to main content
Find a Lawyer

Texas Transportation Code - TRANSP § 463.203. Bond Terms

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

(a) An authority's bonds are fully negotiable.  An authority may make the bonds redeemable before maturity at the price and subject to the terms that are provided in the authority's resolution authorizing the bonds.  The authority's resolution authorizing the bonds may contain any other terms the executive committee considers appropriate.

(b) A bond issued under this subchapter is not a debt or pledge of the faith and credit of the state, a political subdivision included in the boundaries of the authority, or any other political subdivision of the state.

(c) Each bond issued by an authority under this subchapter must contain on its face a statement substantially to the effect that:

(1) the state, a political subdivision included in the boundaries of the authority, or any other political subdivision of the state is not obligated to pay the principal of or the interest on the bond;  and

(2) the faith and credit and taxing power of the state, a political subdivision included in the boundaries of the authority, or any other political subdivision of the state are not pledged to the payment of the principal of or the interest on the bond.

Previous Part of Code Next Part of Code
Back to Chapter List

Cite this article: FindLaw.com - Texas Transportation Code - TRANSP § 463.203. Bond Terms - last updated January 01, 2024 | https://codes.findlaw.com/tx/transportation-code/transp-sect-463-203/

FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature before relying on it for your legal needs.

Was this helpful?

Welcome to FindLaw's Cases & Codes

A free source of state and federal court opinions, state laws, and the United States Code. For more information about the legal concepts addressed by these cases and statutes, visit FindLaw’s Learn About the Law.

Go to Learn About the Law

Latest Blog Posts

For Legal Professionals

Learn About The Law

Get help with your legal needs

FindLaw’s Learn About the Law features thousands of informational articles to help you understand your options. And if you’re ready to hire an attorney, find one in your area who can help.

Go to Learn About the Law

Need to Find an Attorney?

Search our directory by legal issue

Enter information in one or both fields (Required)

Copied to clipboard