Sec. 1204.006. MAXIMUM INTEREST RATE. (a) The maximum rate of interest for any issue or series of public securities, including an issue or series that is issued in exchange for property, labor, services, materials, or equipment under another law, is a net effective interest rate of 15 percent.
(b) Except as provided by Section 1204.007, a public agency may issue and sell any issue or series of its public securities at any price and bearing interest at any rate or rates determined by the agency's governing body that does not exceed the maximum rate under Subsection (a).
Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999.
Structure Texas Statutes
Subtitle A - General Provisions
Section 1204.002. Applicability
Section 1204.003. Computation of Public Security Years
Section 1204.004. Computation of Net Interest Cost
Section 1204.005. Computation of Net Effective Interest Rate
Section 1204.006. Maximum Interest Rate
Section 1204.007. Maximum Interest Rate for Certain Public Securities