Texas § GV.1207.007 - DELEGATION OF AUTHORITY

§ GV.1207.007. DELEGATION OF AUTHORITY

DELEGATION OF AUTHORITY. (a) In connection with the issuance of refunding bonds, the governing body of an issuer may: (1) authorize the maximum principal amount of refunding bonds that may be issued and the maximum rate of interest to be borne by the bonds; (2) identify the potential bonds, notes, or other general or special obligations that may be refunded; (3) recite the public purpose for which the refunding bonds are to be issued; and (4) delegate to any officer or employee of the issuer the authority to: (A) select any specific maturities or series of bonds, notes, or other general or special obligations to be refunded; and (B) effect the sale of the refunding bonds. (b) In exercising the authority delegated by the governing body of the issuer to the officer or employee, the officer or employee may establish the terms and details related to the issuance and sale or exchange of the refunding bonds, including: (1) the form and designation of the refunding bonds; (2) the principal amount of the refunding bonds and the amount of the refunding bonds to mature in each year; (3) the dates, price, interest rates, interest payment dates, principal payment dates, and redemption features of the refunding bonds; (4) the form of escrow agreement described by Section 1207.062 ; and (5) any other details relating to the issuance and sale or exchange of the refunding bonds as specified by the governing body of the issuer in the proceedings authorizing the issuance of the refunding bonds. (c) A finding or determination made by an officer or employee acting under the authority delegated to the officer or employee has the same force and effect as a finding or determination made by the governing body of the issuer. Added by Acts 1999, 76th Leg., ch. 1064, Sec. 7, eff. Sept. 1, 1999.