Sec. 8888.251. REVENUE NOTES. (a) The board, without an election, may borrow money on negotiable notes of the authority payable solely from the revenue from any source, including:
(1) tolls, charges, and fees the authority imposes;
(2) the sale of water, water or sewer services, or any other service or product of the authority;
(3) grants or gifts;
(4) the ownership and operation of all or a designated part of the authority's works, improvements, facilities, plants, or equipment; and
(5) contracts between the authority and any person.
(b) The notes may be first or subordinate lien notes at the board's discretion. An obligation may not be a charge on the property of the authority. An obligation may only be a charge on revenue pledged for the payment of the obligation.
Added by Acts 2017, 85th Leg., R.S., Ch. 869 (H.B. 2803), Sec. 1.04, eff. April 1, 2019.
