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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 55. WATER IMPROVEMENT DISTRICTS |
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Subchapter L. ISSUANCE OF BONDS |
Sec. 55.502. FORMAL REQUIREMENTS OF BONDS
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(a) The board shall issue bonds in the name of the district, and the president shall sign the bonds, the secretary shall attest to them, and the district's seal shall be impressed on them.
(b) The bonds shall be issued in denominations of not less than $100 nor more than $1,000 each.
(c) The bonds shall be payable annually or semiannually and shall mature not more than 40 years after they are issued.
(d) The bonds may be issued to mature in serial form at any date which does not come later than the date specified in the notice of election and may bear any rate of interest which is not more than the rate of interest specified in the notice.
(e) The terms of the bonds shall include the time, place, manner, and conditions of payment and the interest rate which are ordered by the board.