Texas § 8512.0507 RESOLUTION PROVISIONS.

Texas Statutes

§ 8512.0507 — RESOLUTION PROVISIONS.

Texas § 8512.0507

Code SDSpecial District Local Laws Code

This text of Texas § 8512.0507 (RESOLUTION PROVISIONS.) 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. Special District Local Laws Code Code Ann. § 8512.0507 (2026).

Text

Text of section effective on April 01, 2027 Sec. 8512.0507. RESOLUTION PROVISIONS.

(a)A resolution authorizing bonds may contain provisions:

(1)reserving the right to redeem the bonds or requiring the redemption of the bonds, at the time, in the amount, and at the price, not exceeding 105 percent of the principal amount of the bonds, plus accrued interest, as may be provided;

(2)providing for the setting aside of sinking funds or reserve funds and the regulation and disposition of those funds;

(3)pledging, to secure the payment of the principal of and interest on the bonds and of the sinking fund or reserve fund payments agreed to be made with respect to the bonds:

(A)all or any part of the gross or net revenue subsequently received by the authority with respect to the property to be

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Text of section effective on April 01, 2027
Sec. 8512.0507. RESOLUTION PROVISIONS. (a) A resolution authorizing bonds may contain provisions:
(1) reserving the right to redeem the bonds or requiring the redemption of the bonds, at the time, in the amount, and at the price, not exceeding 105 percent of the principal amount of the bonds, plus accrued interest, as may be provided;
(2) providing for the setting aside of sinking funds or reserve funds and the regulation and disposition of those funds;
(3) pledging, to secure the payment of the principal of and interest on the bonds and of the sinking fund or reserve fund payments agreed to be made with respect to the bonds:
(A) all or any part of the gross or net revenue subsequently received by the authority with respect to the property to be acquired or constructed with the bonds or the proceeds of the bonds; or
(B) all or any part of the gross or net revenue subsequently received by the authority from any source;
(4) prescribing the purposes to which the bonds or any bonds subsequently to be issued, or the proceeds of the bonds, may be applied;
(5) agreeing to impose rates and other charges sufficient to produce revenue adequate to pay the items specified by Section 8512.0405 (b) and prescribing the use and disposition of all revenue;
(6) prescribing limitations on the issuance of additional bonds and subordinate lien bonds and on the agreements that may be made with the purchasers and successive holders of those bonds;
(7) with regard to the construction, extension, improvement, reconstruction, operation, maintenance, and repair of the authority's properties and the carrying of insurance on all or any part of those properties covering loss or damage or loss of use and occupancy resulting from specified risks;
(8) setting the procedure, if any, by which the authority may change the terms of a contract with the bondholders, the amount of bonds the holders of which must consent to that change, and the manner in which the consent may be given;
(9) providing for the execution and delivery by the authority to a bank or trust company authorized by law to accept trusts, or to the United States or any officer of the United States, of indentures and agreements for the benefit of the bondholders setting forth any or all of the agreements authorized by this chapter to be made with or for the benefit of the bondholders and any other provisions that are customary in such indentures or agreements; and
(10) approved by the board that are not inconsistent with this chapter.
(b) A provision authorized by this section that is contained in a bond resolution is part of the contract between the authority and the bondholders.