Texas § LG.306.051 - REVENUE BONDS

§ LG.306.051. REVENUE BONDS

REVENUE BONDS. (a) The board may issue revenue bonds in the name of the board for the purpose of acquiring, constructing, improving, or enlarging land, buildings, facilities, or historically significant objects for any statutory purpose or to further a statutory power of the board. (b) The bonds are payable solely from, and secured by a pledge of, the revenues of all or any designated part of the property or facilities under the management and control of the board or other revenues of the board including revenue from an occupancy tax on hotel rooms or from contracts, leases, or other agreements. (c) The bonds may be issued in one or more installments or series by resolution of the board. Issuance of the bonds does not require an election. (d) The bonds may be sold at any price and bear interest at any rate, except that the net effective interest rate may not exceed the maximum allowed by law. The bonds shall be sold by the board at public or private sale on the best terms obtainable. (e) The bonds shall mature serially or otherwise not more than 40 years after the date of issuance. (f) The bonds shall be executed by the chairman and secretary of the board in the manner provided for the execution of bonds issued by municipalities. (g) The bonds shall be issued on terms and conditions in regard to the security, manner, place, and time of payment, pledge of designated revenue, redemption before maturity, and issuance of additional parity or junior lien bonds as specified by the board in the resolution authorizing issuance of the bonds. (h) Except as provided by this chapter, Chapter 1502 , Government Code, applies to the bonds. Acts 1987, 70th Leg., ch. 149, Sec. 1, eff. Sept. 1, 1987. Amended by Acts 2001, 77th Leg., ch. 1420, Sec. 8.312, eff. Sept. 1, 2001.