Tex. Spec. Dist. Local Laws Code § 5012.0206 · Subchapter E. BONDS
BOND ANTICIPATION NOTES.
Text — Current through the 89th 2nd Called Legislative Session, 2025
(a) The commission may declare an emergency because money is not available to meet any of the authority's needs, including to pay the principal of and interest on authority bonds.
(b) Bond anticipation notes may bear interest at a rate not to exceed 10 percent and must mature not later than one year after the date of issuance.
(c) Bond anticipation notes issued by the authority must be taken up with the proceeds of the bonds, or the bonds may be issued and delivered in exchange for the bond anticipation notes.
Notes and commentary — not statutory text
History
Added by Acts 2019, 86th Leg., R.S., Ch. 468 (H.B. 4172), Sec. 1.01, eff. April 1, 2021.
Source of truth
- Edition
- Current through the 89th 2nd Called Legislative Session, 2025
- Official file
- https://statutes.capitol.texas.gov/Docs/SD/htm/SD.5012.htm
- Text hash
- sha256 da62c24b08181b2dea5f74f480d2ced935b7d85c2924e38263a6a42599b39475
- 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
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.