Sec. 772.527. PROVISIONS OF BONDS. (a) In this section, "resolution" means a board resolution authorizing the issuance of bonds, including refunding bonds.
(b) In a resolution, the board may:
(1) provide for the flow of funds and the establishment and maintenance of an interest and sinking fund, reserve fund, or other fund; and
(2) make additional covenants with respect to the bonds, the pledged revenues, and the operation and maintenance of any facilities the revenue of which is pledged.
(c) A resolution may:
(1) prohibit the further issuance of bonds or other obligations payable from the pledged revenue; or
(2) reserve the right to issue additional bonds to be secured by a pledge of and payable from the revenue on a parity with or subordinate to the lien and pledge in support of the bonds being issued.
(d) A resolution may contain other provisions and covenants determined by the board.
(e) The board may adopt and have executed any other proceedings or instruments necessary or convenient for issuance of bonds.
Added by Acts 2013, 83rd Leg., R.S., Ch. 552 (S.B. 628), Sec. 1, eff. September 1, 2013.
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