Sec. 58.396. LOANS ACCOMPLISHED BY SALE OF DISTRICT BONDS. If the loan is secured by the sale of district bonds, the district may enter into an obligation to be conditioned conformably with the usages of investment banking to repurchase the bonds within the five-year period immediately following the date of the loan.
Added by Acts 1977, 65th Leg., p. 1537, ch. 627, Sec. 1, eff. Aug. 29, 1977.
Structure Texas Statutes
Title 4 - General Law Districts
Chapter 58 - Irrigation Districts
Section 58.391. Authority to Borrow Money
Section 58.392. Security for Loan
Section 58.393. Maturity Date of Loan
Section 58.394. Loan Secured by Bonds
Section 58.395. Expenditure of Loan Proceeds
Section 58.396. Loans Accomplished by Sale of District Bonds
Section 58.397. Pledge of Commercial Income