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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 54. MUNICIPAL UTILITY DISTRICTS |
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Subchapter F. ISSUANCE OF BONDS |
Sec. 54.502. FORM OF BONDS
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(a) A district may issue its bonds in various series or issues.
(b) Bonds shall mature serially or otherwise not more than 40 years from their date and shall bear interest at any rate permitted by the Constitution and laws of the state, all as shall be determined by the board.
(c) A district's bonds and interest coupons, if any, shall be investment securities under the terms of Chapter 8 of the Business & Commerce Code and may be issued registrable as to principal or as to both principal and interest and shall or may be made redeemable before maturity, at the option of the district or may contain a mandatory redemption provision all as may be provided by the board. A district's bonds 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.