Texas § 8515.0501 REVENUE NOTES.

Texas Statutes

§ 8515.0501 — REVENUE NOTES.

Texas § 8515.0501

Code SDSpecial District Local Laws Code

This text of Texas § 8515.0501 (REVENUE NOTES.) 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. § 8515.0501 (2026).

Text

Text of section effective on April 01, 2027 Sec. 8515.0501. REVENUE NOTES.

(a)The board, without an election, may borrow money, not to exceed $55 million in the aggregate, on the authority's negotiable notes, payable solely from the authority's revenue derived from the ownership of all or any designated part of the authority's works, plant, improvements, facilities, equipment, or water rights after deduction of the reasonable cost of maintaining and operating the facilities.

(b)The notes may be first or subordinate lien notes at the board's discretion. An obligation may not be a charge on the authority's property or on the taxes imposed by the authority. An obligation may only be a charge on the revenue pledged for the payment of the obligation. No part of the obligation may ever be paid

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Text of section effective on April 01, 2027
Sec. 8515.0501. REVENUE NOTES. (a) The board, without an election, may borrow money, not to exceed $55 million in the aggregate, on the authority's negotiable notes, payable solely from the authority's revenue derived from the ownership of all or any designated part of the authority's works, plant, improvements, facilities, equipment, or water rights after deduction of the reasonable cost of maintaining and operating the facilities.
(b) The notes may be first or subordinate lien notes at the board's discretion. An obligation may not be a charge on the authority's property or on the taxes imposed by the authority. An obligation may only be a charge on the revenue pledged for the payment of the obligation. No part of the obligation may ever be paid from the taxes imposed by the authority.
(c) The notes may bear interest at a rate not to exceed 10 percent and must mature not later than 40 years after the date of their issuance.