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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. 36.175. PROVISIONS OF BONDS AND NOTES
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(a) In the orders or resolutions authorizing the issuance of bonds or notes, including refunding bonds, the board may provide for the flow of funds, the establishment and maintenance of the interest and sinking fund, the reserve fund, and other funds. The board may make additional covenants with respect to bonds or notes, pledged revenues, and the operation and maintenance of those works, improvements, and facilities, of which the revenue is pledged.
(b) The orders or resolutions of the board authorizing the issuance of bonds or notes may also prohibit the further issuance of bonds, notes, or other obligations payable from the pledged revenue or may reserve the right to issue additional bonds or notes to be secured by a pledge of and payable from the revenue on a parity with or subordinate to the lien and pledge in support of the bonds or notes being issued.
(c) The orders or resolutions of the board issuing bonds or notes may contain other provisions and covenants as the board may determine.
(d) The board may adopt and have executed any other proceeding or instruments necessary and convenient in the issuance of bonds or notes.