Texas Transportation Code 22.157 – Bonds
(a) A nonprofit airport facility financing corporation may provide financing for the purposes described by § 22.152(a) by issuing bonds, notes, or other forms of obligations on behalf of the constituent agencies on terms the board of directors considers appropriate, consistent with the procedures and limitations set forth in the bylaws and subject only to the limitations in this subsection. The bonds, notes, or other obligations are payable only from:
(1) revenue, rents, income, or payments from one or more users of property of the jointly owned airport under a lease, loan, purchase, lease-purchase, or other agreement between the corporation and the user or users; and
(2) revenue of the airport that the joint board commits and pledges to the payment of the obligations under agreements between the joint board and the corporation as authorized by Subsection (b).
(b) A lease, loan, purchase, lease-purchase, or other agreement may be on terms the parties to the agreement determine appropriate. The joint board and the corporation may enter into agreements, including lease, lease-purchase, or other agreements, as they determine appropriate to accomplish financing under this section.
Terms Used In Texas Transportation Code 22.157
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Property: means real and personal property. See Texas Government Code 311.005
(c) Bonds, notes, or other obligations of the corporation must be submitted to the attorney general for review and approval. If the attorney general determines that the obligations are issued in accordance with this chapter, the attorney general shall approve them. On approval, the obligations are incontestable for any cause.