(a) The authority may issue bonds if authorized by board resolution.(b) A bond issued under this chapter must:(1) be payable solely from authority revenue;(2) mature not later than 40 years after its date of issuance; and(3) state on its face that it is not an obligation of this state or a municipality. (c) The authority may exercise the powers granted to the governing body of an issuer with regard to the issuance of obligations and the execution of credit agreements under Chapter 1371, Government Code. Added by Acts 2005, 79th Leg., Ch. 423 (S.B. 1751), Sec. 2, eff. June 17, 2005.Amended by: Acts 2021, 87th Leg., R.S., Ch. 288 (H.B. 4579), Sec. 8, eff. September 1, 2021.
Texas Legal Code