Tex. Gov't Code § 1232.118 · Subchapter C. OBLIGATIONS
ORDER OR RESOLUTION AUTHORIZING ISSUANCE OF OBLIGATIONS.
Text — Current through the 89th 2nd Called Legislative Session, 2025
(a) An order or resolution of the board authorizing the issuance of obligations, including refunding obligations, may provide for the flow of funds and the establishment and maintenance of the interest and sinking fund, the reserve fund, and other funds.
(b) The order or resolution may:
(1) prohibit the issuance of additional obligations payable from the pledged revenues; or
(2) preserve the right of the board to issue additional obligations that are on a parity with or subordinate to the lien and pledge on the revenue being used to support the obligations being issued pursuant to the order or resolution.
(c) The order or resolution may contain any other provision or covenant determined by the board.
(d) The board may make covenants with respect to the obligations, the pledged revenues, and the operation and maintenance of the buildings or equipment financed under this chapter.
Notes and commentary — not statutory text
History
Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999.
Source of truth
- Edition
- Current through the 89th 2nd Called Legislative Session, 2025
- Official file
- https://statutes.capitol.texas.gov/Docs/GV/htm/GV.1232.htm
- Text hash
- sha256 c0ec5cca9d5114fe7cc8c1a3612bc5000c14d5b2a03b4ef79125fe9b23c0f522
- Composed by
- compose_tx.py 2026-10-05: the Legislative Council's chapter files read in document order; verify_tx.py's independent reading (lxml DOM walk) agrees character for character
Cited by 1 provision
Provisions in this library whose text cites Tex. Gov't Code § 1232.118. Each shows the citation as that text prints it.
Procedural information only. Not legal advice and not a substitute for the advice of an attorney. Confirm the current text with the official publisher before relying on it.