Sec. 8506.204. POWER TO ISSUE REVENUE BONDS. (a) The authority may issue revenue bonds for any corporate purpose in any amount authorized by the directors but not to exceed an aggregate principal amount of $6 million.
(b) The bonds may be secured only by a pledge of the amounts granted or donated by this state or out of any other current revenue of the district, which amounts shall be paid to the legal holders of the bonds.
(c) The bonds must be authorized by a board resolution.
Added by Acts 2015, 84th Leg., R.S., Ch. 855 (S.B. 1162), Sec. 1.05, eff. April 1, 2017.
Structure Texas Statutes
Special District Local Laws Code
Title 6 - Water and Wastewater
Subtitle G - River Authorities
Chapter 8506 - Upper Colorado River Authority
Subchapter E. Obligations Relating to Borrowed Money or Grants
Section 8506.201. Loans and Grants
Section 8506.202. State Pledge Regarding Rights and Remedies of Bondholders
Section 8506.203. Obligation Payable From Revenue
Section 8506.204. Power to Issue Revenue Bonds
Section 8506.205. Terms of Issuance
Section 8506.206. Deposit of Proceeds
Section 8506.207. Resolution Provisions
Section 8506.208. Default Procedures
Section 8506.209. Power of Authority to Purchase Bonds Issued by Authority