Sec. 3501.106. BONDS. (a) The authority may issue bonds if authorized by board resolution.
(b) A bond issued under this chapter must:
(1) be payable solely from authority revenue;
(2) mature not later than 40 years after its date of issuance; and
(3) state on its face that it is not an obligation of this state or a municipality.
(c) The authority may exercise the powers granted to the governing body of an issuer with regard to the issuance of obligations and the execution of credit agreements under Chapter 1371, Government Code.
Added by Acts 2005, 79th Leg., Ch. 423 (S.B. 1751), Sec. 2, eff. June 17, 2005.
Amended by:
Acts 2021, 87th Leg., R.S., Ch. 288 (H.B. 4579), Sec. 8, eff. September 1, 2021.
Structure Texas Statutes
Special District Local Laws Code
Title 4 - Development and Improvement
Subtitle B - Defense Base Development
Chapter 3501 - Lubbock Reese Redevelopment Authority
Subchapter C. Powers and Duties
Section 3501.101. Authority of Board
Section 3501.102. General Powers and Duties
Section 3501.1021. Inland Port and Trade Powers
Section 3501.1023. Transportation Project
Section 3501.1024. Redevelopment Projects
Section 3501.104. Security for Costs or Bond Not Required