Sec. 8504.301. GENERAL POWER TO BORROW MONEY. (a) The authority may:
(1) borrow money for any corporate purpose from any source; and
(2) issue a note, warrant, bond, certificate of indebtedness, or other form of obligation of the authority as evidence of the borrowed money.
(b) An obligation of the authority under Subsection (a) is payable only from revenue derived from authority improvements and facilities and the operation and services of the improvements and facilities.
Added by Acts 2013, 83rd Leg., R.S., Ch. 112 (S.B. 1026), Sec. 1.04, eff. April 1, 2015.
Structure Texas Statutes
Special District Local Laws Code
Title 6 - Water and Wastewater
Subtitle G - River Authorities
Chapter 8504 - Lower Neches Valley Authority
Subchapter G. Obligations Relating to Borrowed Money
Section 8504.301. General Power to Borrow Money
Section 8504.302. Covenants for Marketability
Section 8504.303. Holder of Obligation May Compel Performance
Section 8504.304. Holder of Obligation Entitled to Administrator or Receiver
Section 8504.305. Additional Security for Obligation: Mortgage and Encumbrance
Section 8504.306. Sale Under Mortgage or Encumbrance