Sec. 8104.301. BORROWING THROUGH BONDS OR NOTES. (a) After the action is approved by the Baytown City Council, the authority may borrow money to carry out any power granted to the authority by:
(1) issuing and selling revenue bonds or negotiable or nonnegotiable notes payable from and secured by the sources described in this chapter; and
(2) delivering the bonds or notes to the United States or to this state when it is determined by the board to be in the best interest of the authority.
(b) The bonds or notes must be authorized by a board resolution in which a majority of the board's membership concurs.
(c) The board must provide the terms of the bonds or notes and the rights of the holders of the bonds or notes.
(d) The Baytown City Council must approve the bonds or notes before they are issued.
(e) The board is not required to hold an election before issuing and selling revenue bonds.
Added by Acts 2005, 79th Leg., Ch. 729 (H.B. 2019), Sec. 1.06, eff. April 1, 2007.
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