Sec. 379B.010. BONDS. (a) An authority may issue bonds if authorized by board resolution.
(b) A bond issued under this chapter must:
(1) be payable solely from authority revenue;
(2) mature not later than 40 years after its date of issuance; and
(3) state on its face that it is not an obligation of this state or the municipality.
(c) An authority issuing bonds under this section may exercise the powers granted to the governing body of an issuer with regard to the issuance of obligations and the execution of credit agreements under Chapter 1371, Government Code.
Added by Acts 1999, 76th Leg., ch. 1221, Sec. 1, eff. Aug. 30, 1999. Amended by Acts 2001, 77th Leg., ch. 1516, Sec. 2, eff. June 17, 2001. Renumbered from Local Government Code Sec. 378.010 by Acts 2003, 78th Leg., ch. 1275, Sec. 2(108), eff. Sept. 1, 2003.
Amended by:
Acts 2005, 79th Leg., Ch. 873 (S.B. 1090), Sec. 2, eff. September 1, 2005.
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