Texas § 1232.118 ORDER OR RESOLUTION AUTHORIZING ISSUANCE OF OBLIGATIONS.

Texas Statutes

§ 1232.118 — ORDER OR RESOLUTION AUTHORIZING ISSUANCE OF OBLIGATIONS.

Texas § 1232.118

Code GVGovernment Code

This text of Texas § 1232.118 (ORDER OR RESOLUTION AUTHORIZING ISSUANCE OF OBLIGATIONS.) is published on Counsel Stack Legal Research, covering Texas primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Tex. Government Code Code Ann. § 1232.118 (2026).

Text

Sec. 1232.118. ORDER OR RESOLUTION AUTHORIZING ISSUANCE OF OBLIGATIONS.

(a)An order or resolution of the board authorizing the issuance of obligations, including refunding obligations, may provide for the flow of funds and the establishment and maintenance of the interest and sinking fund, the reserve fund, and other funds.

(b)The order or resolution may:

(1)prohibit the issuance of additional obligations payable from the pledged revenues; or

(2)preserve the right of the board to issue additional obligations that are on a parity with or subordinate to the lien and pledge on the revenue being used to support the obligations being issued pursuant to the order or resolution.

(c)The order or resolution may contain any other provision or covenant determined by the board.

(d)The board may

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Sec. 1232.118. ORDER OR RESOLUTION AUTHORIZING ISSUANCE OF OBLIGATIONS. (a) An order or resolution of the board authorizing the issuance of obligations, including refunding obligations, may provide for the flow of funds and the establishment and maintenance of the interest and sinking fund, the reserve fund, and other funds.
(b) The order or resolution may:
(1) prohibit the issuance of additional obligations payable from the pledged revenues; or
(2) preserve the right of the board to issue additional obligations that are on a parity with or subordinate to the lien and pledge on the revenue being used to support the obligations being issued pursuant to the order or resolution.
(c) The order or resolution may contain any other provision or covenant determined by the board.
(d) The board may make covenants with respect to the obligations, the pledged revenues, and the operation and maintenance of the buildings or equipment financed under this chapter.