Texas Health and Safety Code 282.072 – Interest, Maturity, and Denomination
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(a) District bonds mature not more than 30 years after their date and bear interest at a rate ordered by the commissioners court but not more than six percent annually.
(b) The bonds must provide the interest rate and the time, place, manner, and conditions of payment as ordered by the commissioners court.
Terms Used In Texas Health and Safety Code 282.072
- 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) The bonds may be payable annually or semiannually.
(d) The bonds must be issued in denominations of not less than $100 nor more than $1,000.