Tex. Transp. Code § 463.203 · Subchapter E. BONDS
BOND TERMS.
Text — Current through the 89th 2nd Called Legislative Session, 2025
(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.
Notes and commentary — not statutory text
History
Added by Acts 2019, 86th Leg., R.S., Ch. 151 (H.B. 71), Sec. 1, eff. May 24, 2019.
Source of truth
- Edition
- Current through the 89th 2nd Called Legislative Session, 2025
- Official file
- https://statutes.capitol.texas.gov/Docs/TN/htm/TN.463.htm
- Text hash
- sha256 5924c45ed7666a9b5a45251166bb27a8e719476771ae1baa5be84c2a625fba66
- 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.