Texas § LG.392.082 - FORM OF BONDS

§ LG.392.082. FORM OF BONDS

FORM OF BONDS. (a) The resolution authorizing bonds of an authority, or a trust indenture or mortgage of the authority that secures the bonds, may provide: (1) the date to appear on the bonds; (2) the maturity date of the bonds; (3) the interest rate of the bonds; (4) the denomination of the bonds; (5) the form of the bonds, either coupon or registered; (6) conversion or registration privileges of the bonds; (7) the rank and priority of the bonds; (8) the manner of execution of the bonds; (9) the medium and place of payment of the bonds; and (10) the terms of redemption of the bonds, with or without premium. (b) The signatures of commissioners or officers on the bonds are valid and sufficient for all purposes regardless of whether the commissioners or officers are in office or have left office at the time the bonds are delivered. (c) In a proceeding involving the validity or enforceability of a bond of an authority, or the security for the bond, a bond that recites in substance that it is issued by the authority to aid in financing a housing project to provide housing for persons of low income shall be conclusively considered to be issued for that purpose and the project shall be conclusively considered to be planned, located, and constructed in accordance with this chapter. Acts 1987, 70th Leg., ch. 149, Sec. 1, eff. Sept. 1, 1987.