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Texas Statutes (Last Updated: January 4, 2014) |
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WATER CODE |
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Title 2. WATER ADMINISTRATION |
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Subtitle E. GROUNDWATER MANAGEMENT |
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Chapter 36. GROUNDWATER CONSERVATION DISTRICTS |
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Subchapter F. BONDS AND NOTES |
Sec. 36.174. FORM OF BONDS OR NOTES
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(a) A district may issue its bonds or notes in various series or issues.
(b) Bonds or notes may mature serially or otherwise not more than 50 years from their date and shall bear interest at any rate permitted by the constitution and laws of this state.
(c) A district's bonds, notes, and interest coupons, if any, are investment securities under the terms of Chapter 8, Business & Commerce Code, and may be issued registrable as to principal or as to both principal and interest and may be made redeemable before maturity, at the option of the district, or may contain a mandatory redemption provision.
(d) A district's bonds and notes may be issued in the form, denominations, and manner and under the terms, conditions, and details, and shall be signed and executed as provided by the board in the resolution or order authorizing their issuance.