Texas § LG.324.092 - REVENUE BONDS

§ LG.324.092. REVENUE BONDS

REVENUE BONDS. (a) For the purpose of providing funds for the acquisition of any permanent improvement to property of the district or for the acquisition, renovation, repair, improvement, equipping, or construction of a facility to be used in connection with the operation of the district, the board may issue revenue bonds that are approved at an election called under Section 324.091 . (b) The district may make the bonds payable out of any revenue of the district but may not levy ad valorem taxes on any property located within the district. (c) Bonds issued under this chapter are fully negotiable instruments under Chapter 8 , Business & Commerce Code, and other laws of this state. (d) Except as provided by Section 324.095 , among the permanent improvements and facilities that may be acquired through the issuance of revenue bonds are bathhouses; bathing beaches; swimming pools; pavilions; athletic fields; golf courses; buildings and grounds for assembly, entertainment, health, and recreation; restaurants and refreshment places; yacht basins; parking lots; and roads. (e) The bonds must be issued in the name of the county, signed by the county judge, and attested by the county clerk and ex officio clerk of the commissioners court. The seal of the commissioners court must be impressed on the bonds. (f) The bonds must mature serially or otherwise in not more than 40 years and may be sold at a price and under terms determined by the board to be the most advantageous reasonably obtainable. (g) The resolution authorizing the issuance of the bonds may contain provisions for redemption of the bonds before their respective maturity dates at prices and times prescribed in the resolution. Except for rights of redemption expressly reserved in the resolution and in the revenue bonds, the bonds are not subject to redemption before maturity. (h) The bonds may be made payable at times and at places, inside or outside the state, prescribed in the resolution. (i) The bonds may be made registrable as to principal or as to both principal and interest. Added by Acts 1989, 71st Leg., ch. 1, Sec. 71(a), eff. Aug. 28, 1989.