Sec. 60.175. EXECUTION AND SALE OF OBLIGATIONS. (a) Each note, warrant, or other security evidencing any indebtedness created under the provisions of this subchapter shall be signed by the chairman of the commission, countersigned by the secretary of the commission, and have the seal of the district impressed on it.
(b) Each note, warrant, or other security may be registered as to principal by the trustee named and designated by the commission in the trust indenture executed by the commission to secure payment of the obligation.
(c) The evidences of indebtedness may be sold by the commission on the best terms and for the best price possible.
Acts 1971, 62nd Leg., p. 110, ch. 58, Sec. 1, eff. Aug. 30, 1971.
Structure Texas Statutes
Title 4 - General Law Districts
Chapter 60 - Navigation Districts--General Provisions
Subchapter G. Powers of District to Provide Improvements Without Taxation
Section 60.171. Authority to Borrow Money and Encumber Property and Franchise
Section 60.172. Notice of Hearing on Indebtedness
Section 60.173. Hearing on Indebtedness
Section 60.174. Issuance of Obligations
Section 60.175. Execution and Sale of Obligations
Section 60.176. Obligations as Charge on Encumbered Property and Facilities
Section 60.177. Lien on Revenue; Foreclosure of Encumbrance
Section 60.178. Trustee to Enforce Foreclosure; Franchise Under Foreclosure
Section 60.179. Borrowing for Current Expenses