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Texas Statutes (Last Updated: January 4, 2014) |
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NATURAL RESOURCES CODE |
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Title 2. PUBLIC DOMAIN |
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Subtitle E. BEACHES AND DUNES |
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Chapter 62. BEACH PARK BOARD OF TRUSTEES |
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Subchapter E. ISSUANCE OF BONDS |
Sec. 62.132. FORMAL REQUIREMENTS OF BONDS
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(a) The bonds may be issued by resolution adopted by the board without the necessity of an election.
(b) The bonds may be issued in the name of the board in one or more installments or series and shall mature serially or otherwise within 40 years from their date or dates.
(c) The bonds shall be issued on the terms and conditions, with regard to the security, manner, place, and time of payment, pledge of designated revenue, redemption before maturity, and the issuance of additional parity or junior lien bonds, that the board specifies in the resolution or resolutions authorizing the bonds.
(d) The bonds shall be executed by the chairman and secretary of the board and shall be signed by the chairman and secretary or shall bear the facsimile signature of either or both.
(e) The bonds shall display the seal of the board, which may be impressed, printed, or lithographed on the bonds.