Tex. Spec. Dist. Local Laws Code § 8515.0501 · Subchapter E. NOTES, BONDS, AND BORROWED MONEY
REVENUE NOTES.
Not yet in force
Text of section effective on April 01, 2027
Text — Current through the 89th 2nd Called Legislative Session, 2025
(a) The board, without an election, may borrow money, not to exceed $55 million in the aggregate, on the authority's negotiable notes, payable solely from the authority's revenue derived from the ownership of all or any designated part of the authority's works, plant, improvements, facilities, equipment, or water rights after deduction of the reasonable cost of maintaining and operating the facilities.
(b) The notes may be first or subordinate lien notes at the board's discretion. An obligation may not be a charge on the authority's property or on the taxes imposed by the authority. An obligation may only be a charge on the revenue pledged for the payment of the obligation. No part of the obligation may ever be paid from the taxes imposed by the authority.
(c) The notes may bear interest at a rate not to exceed 10 percent and must mature not later than 40 years after the date of their issuance.
Notes and commentary — not statutory text
History
Added by Acts 2025, 89th Leg., R.S., Ch. 203 (H.B. 1615), Sec. 1.02, eff. April 1, 2027.
Source of truth
- Edition
- Current through the 89th 2nd Called Legislative Session, 2025
- Official file
- https://statutes.capitol.texas.gov/Docs/SD/htm/SD.8515.htm
- Text hash
- sha256 7d4cee0a5bc15a73c2d1f2818e642d4c499a4c782993812391c12f6e45f64116
- 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.