Texas Water Code 30.058 – Validation Suit
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(a) Instead of or in addition to obtaining the approval of the attorney general, the district may have the bonds validated by suit in the district court as provided in Chapter 1205, Government Code.
(b) The governing body of the district may wait until after termination of the validation suit to fix the interest rate and sale price of the bonds.
Terms Used In Texas Water Code 30.058
- Allegation: something that someone says happened.
- Contract: A legal written agreement that becomes binding when signed.
- Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
(c) If the proposed bonds recite that they are secured by the proceeds of a contract between the district and a public agency, the petition shall so allege, and the notice of the suit shall mention this allegation and shall specify the public agency’s funds or revenues from which the contract payments are to be made.