Texas § 463.203 BOND TERMS.

Texas Statutes

§ 463.203 — BOND TERMS.

Texas § 463.203

Code TNTransportation Code

This text of Texas § 463.203 (BOND TERMS.) 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. Transportation Code Code Ann. § 463.203 (2026).

Text

Sec. 463.203. BOND TERMS.

(a)An authority's bonds are fully negotiable. An authority may make the bonds redeemable before maturity at the price and subject to the terms that are provided in the authority's resolution authorizing the bonds. The authority's resolution authorizing the bonds may contain any other terms the executive committee considers appropriate.

(b)A bond issued under this subchapter is not a debt or pledge of the faith and credit of the state, a political subdivision included in the boundaries of the authority, or any other political subdivision of the state.

(c)Each bond issued by an authority under this subchapter must contain on its face a statement substantially to the effect that:

(1)the state, a political subdivision included in the boundaries of the authority, o

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Sec. 463.203. BOND TERMS. (a) An authority's bonds are fully negotiable. An authority may make the bonds redeemable before maturity at the price and subject to the terms that are provided in the authority's resolution authorizing the bonds. The authority's resolution authorizing the bonds may contain any other terms the executive committee considers appropriate.
(b) A bond issued under this subchapter is not a debt or pledge of the faith and credit of the state, a political subdivision included in the boundaries of the authority, or any other political subdivision of the state.
(c) Each bond issued by an authority under this subchapter must contain on its face a statement substantially to the effect that:
(1) the state, a political subdivision included in the boundaries of the authority, or any other political subdivision of the state is not obligated to pay the principal of or the interest on the bond; and
(2) the faith and credit and taxing power of the state, a political subdivision included in the boundaries of the authority, or any other political subdivision of the state are not pledged to the payment of the principal of or the interest on the bond.