Sec. 65.508. SALE OR EXCHANGE OF BONDS. (a) The board shall sell the bonds on the best terms and for the best possible price, but the bonds may not be sold for less than 95 percent of their face value.
(b) The district may exchange bonds for property acquired by purchase or in payment of the contract price of work done or services performed for the use and benefit of the district.
Added by Acts 1983, 68th Leg., p. 2448, ch. 435, Sec. 4, eff. Aug. 29, 1983. Amended by Acts 1985, 69th Leg., ch. 447, Sec. 1, eff. Nov. 15, 1985.
Structure Texas Statutes
Title 4 - General Law Districts
Chapter 65 - Special Utility Districts
Subchapter G. Issuance of Bonds and Notes
Section 65.501. Issuance of Bonds and Notes
Section 65.502. Form of Bonds and Notes
Section 65.503. Manner of Repayment of Bonds or Notes
Section 65.504. Additional Security for Bonds or Notes
Section 65.505. Method for Issuance of Bonds and Notes
Section 65.506. Provisions of Bonds or Notes
Section 65.507. Use of Bond or Note Proceeds
Section 65.508. Sale or Exchange of Bonds
Section 65.510. Refunding Bonds
Section 65.511. Obligations; Legal Investment; Security for Funds