Texas Water Code
§ 17.859 — ISSUANCE OF REVENUE BONDS BY THE BOARD
WA § 17.859Title 2. WATER ADMINISTRATION · Part C. WATER DEVELOPMENT · Ch. 17. PUBLIC FUNDING · Art. I. REVENUE BOND PROGRAM
Statute text
View on source(a)The board may issue its revenue bonds for the purpose of providing money for the fund, and the money in the fund shall be used for acquiring interests in projects and for providing financial assistance to participants in accordance with this subchapter.
(b)The board may issue revenue bonds to refund revenue bonds or bonds and obligations issued or incurred in accordance with other provisions of law, and in addition to the authority granted by this subsection, the board may issue refunding bonds under other applicable law.
(c)The revenue bonds are special obligations of the board payable only from designated income and receipts of the board including principal of and interest paid and to be paid on acquired obligations, other designated obligations held by the board, or income from accounts created within the fund by the board, as determined by the board.
(d)The revenue bonds do not constitute indebtedness of the state as prohibited by the constitution.
(e)The board may require participants to make charges, levy taxes, or otherwise provide for sufficient money to pay acquired obligations.
(f)Revenue bonds issued under this subchapter shall be authorized by resolution of the board and shall have the form and characteristics and bear the designations as are provided in the resolution.
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Legislative history
Added by Acts 1987, 70th Leg., ch. 420, Sec. 3, eff. June 17, 1987.