Texas Water Code - WATER § 15.208. Approval of Application

(1) that the bonds are being issued to finance a project that serves the public interest;

(2) that there is strong evidence and a high degree of certainty that the issuer will be able to meet its obligations under the bonds;  and

(3) that an applicant proposing surface water development has the necessary water right authorizing it to appropriate and use the water which the project will provide.