Sec. 281.073. BOND PROVISIONS. (a) In a resolution authorizing the issuance of bonds under this chapter, including refunding bonds, the board may:
(1) provide for the flow of funds and the establishment and maintenance of interest and sinking funds, reserve funds, and other funds;
(2) make additional covenants that the board considers appropriate with respect to the bonds, the pledged revenues, and the operation and maintenance of the facilities of which the revenues are pledged, including provisions for the operation or leasing of the facilities and the use or pledge of money derived from the operation of the facilities, contracts, and leases;
(3) prohibit the further issuance of bonds or other obligations payable from the pledged revenues;
(4) reserve the right to issue, on conditions set forth in the resolution, additional bonds to be secured by a pledge of, and payable from, the revenues on a parity with, or subordinate to, the lien and pledge in support of the bonds being issued; and
(5) state other provisions and covenants that are not prohibited by the constitution of this state or by this chapter.
(b) The board may adopt and provide for any other proceeding or instrument necessary or convenient in the issuance of authority bonds.
Acts 1987, 70th Leg., ch. 149, Sec. 1, eff. Sept. 1, 1987.
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