Sec. 5012.0206. BOND ANTICIPATION NOTES. (a) The commission may declare an emergency because money is not available to meet any of the authority's needs, including to pay the principal of and interest on authority bonds.
(b) Bond anticipation notes may bear interest at a rate not to exceed 10 percent and must mature not later than one year after the date of issuance.
(c) Bond anticipation notes issued by the authority must be taken up with the proceeds of the bonds, or the bonds may be issued and delivered in exchange for the bond anticipation notes.
Added by Acts 2019, 86th Leg., R.S., Ch. 468 (H.B. 4172), Sec. 1.01, eff. April 1, 2021.
Structure Texas Statutes
Special District Local Laws Code
Subtitle A - Navigation Districts and Port Authorities
Chapter 5012 - Sabine Pass Port Authority
Section 5012.0201. Authority to Issue Bonds; Election
Section 5012.0202. Form of Bonds
Section 5012.0203. Terms of Issuance
Section 5012.0204. Deposit of Proceeds
Section 5012.0205. Resolution Provisions