Texas Government Code 1371.051 – Authority to Issue Obligation
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Terms Used In Texas Government Code 1371.051
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
As authorized and approved by the governing body of an issuer, the governing body may issue, sell, and deliver an obligation to:
(1) finance a project cost;
(2) refund an obligation issued in connection with an eligible project; or
(3) finance all or part of a payment owed or to be owed on:
(A) the establishment of a credit agreement; or
(B) the settlement or termination, at maturity or otherwise, of a credit agreement, whether the settlement or termination occurs:
(i) at the option of the issuer or the other party to the credit agreement; or
(ii) by operation of the terms of the credit agreement.