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Texas Statutes (Last Updated: January 4, 2014) |
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WATER CODE |
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Title 4. GENERAL LAW DISTRICTS |
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Chapter 51. WATER CONTROL AND IMPROVEMENT DISTRICTS |
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Subchapter K. ISSUANCE OF BONDS |
Sec. 51.447. PROCEDURE FOR ISSUANCE AND SALE OF INTERIM BONDS
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(a) Interim bonds shall be issued in the name of the district, signed by the president, and attested by the secretary, with the district seal attached to each bond.
(b) The interim bonds may be issued in the denominations determined by the board and shall be approved by the attorney general and registered by the comptroller in the same manner as provided in Section 51.417 of this code.
(c) Interim bonds may be sold in the same manner and on the same terms provided by law for the sale of other bonds of the district.
(d) If interim bonds are sold at less than par value and accrued interest, the improvement bonds issued by the district must be sold at an increase over the price authorized by law in an amount sufficient to equal the discount allowed on the interim bonds.