Sec. 9601.212. ADDITIONAL AUTHORITY TO PROVIDE DEBT SERVICE RESERVE. (a) The board may provide that in lieu of or in addition to providing for the funding of a debt service reserve fund with cash, a line or letter of credit or an insurance policy may be used for the debt service reserve fund.
(b) Any agreement under which a line or letter of credit or insurance policy is provided must be submitted to the attorney general for examination and approval. After approval, the agreement is incontestable in any court or other forum for any reason and is a valid and binding obligation of the district in accordance with its terms for all purposes.
Added by Acts 2009, 81st Leg., R.S., Ch. 523 (S.B. 1223), Sec. 1, eff. June 19, 2009.
Structure Texas Statutes
Special District Local Laws Code
Title 6 - Water and Wastewater
Subtitle L - Municipal Water Districts
Chapter 9601 - Riverbend Water Resources District
Section 9601.201. Authority to Issue Bonds
Section 9601.202. Form of Bonds
Section 9601.204. Bonds Secured by Revenue; Additional Bonds
Section 9601.205. Additional Security
Section 9601.206. Delegation of Authority
Section 9601.207. Trust Indenture
Section 9601.208. Credit Agreement
Section 9601.209. Charges for District Services
Section 9601.210. State Pledge Regarding Rights and Remedies of Bondholders
Section 9601.211. Use of Bond Proceeds
Section 9601.212. Additional Authority to Provide Debt Service Reserve
Section 9601.213. Refunding Bonds
Section 9601.214. Remedies and Covenants
Section 9601.215. Limitation on Rights of Bondholders