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Texas Statutes (Last Updated: January 4, 2014) |
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SPECIAL DISTRICT LOCAL LAWS CODE |
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Title 6. WATER AND WASTEWATER |
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Subtitle I. WATER CONTROL AND IMPROVEMENT DISTRICTS |
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Chapter 9015. ALICE WATER AUTHORITY |
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Subchapter H. BONDS |
Sec. 9015.355. BONDS PAYABLE FROM REVENUE
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(a) In this section, "net revenue" means the gross revenue and income of the authority pledged under this section less the amount necessary to pay the cost of:
(1) performing any contract, the revenue of which is pledged under this section; and
(2) maintaining and operating the authority and its property.
(b) Bonds issued under this subchapter may be secured under board resolution by a pledge of:
(1) all or part of the net revenue of the authority other than revenue from taxation;
(2) the net revenue of one or more contracts made before or after the issuance of the bonds; or
(3) other revenue or income specified by resolution of the board or in the trust indenture or other instrument securing the bonds.
(c) The pledge may reserve the right to issue additional bonds on a parity with, or subordinate to, the bonds being issued, subject to the conditions specified in the pledge.
(d) Bonds not payable wholly or partly from ad valorem taxes may be issued without an election.