(a) An authority may issue negotiable notes payable from any of the authority's sources of revenue to pay for any lawful expenditure, other than principal and interest on the authority's debt.(b) Notes issued by an authority shall be payable over a period not to exceed five years from the date of issuance.(c) The Texas Commission on Environmental Quality is not required to approve notes issued under this section.(d) An authority may not have outstanding notes in excess of $10 million at any one time. Added by Acts 2001, 77th Leg., ch. 1186, Sec. 1, eff. Sept. 1, 2001. Amended by Acts 2003, 78th Leg., ch. 306, Sec. 12, eff. Sept. 1, 2003.Amended by: Acts 2007, 80th Leg., R.S., Ch. 326 (H.B. 2682), Sec. 18, eff. September 1, 2007.
Texas Legal Code