Sec. 1371.054. RATE OF INTEREST. (a) An obligation may bear no interest or bear interest at any rate or rates not to exceed the maximum net effective interest rate allowed by law, whether fixed, variable, floating, adjustable, or otherwise, as determined in accordance with the obligation authorization.
(b) The obligation authorization may provide a formula, index, contract, or other arrangement for the periodic determination of interest rates.
Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999.
Structure Texas Statutes
Subtitle F - Specific Authority for State or Local Government to Issue Securities
Chapter 1371 - Obligations for Certain Public Improvements
Subchapter B. Issuance and Approval of Obligation
Section 1371.051. Authority to Issue Obligation
Section 1371.052. Transportation Authority Obligation; Election
Section 1371.0521. Independent School District Obligation
Section 1371.053. Obligation Authorization
Section 1371.054. Rate of Interest
Section 1371.055. Execution of Obligation
Section 1371.056. Authority to Enter Into and Execute Credit Agreements
Section 1371.058. Registration
Section 1371.059. Validity and Incontestability
Section 1371.060. Refinancing, Renewal, or Refunding of Obligation or Credit Agreement