Texas Local Government Code 303.003 – Definitions
Terms Used In Texas Local Government Code 303.003
- Contract: A legal written agreement that becomes binding when signed.
- 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.
- Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
- 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
- Municipality: means a general-law municipality, home-rule municipality, or special-law municipality. See Texas Local Government Code 1.005
- 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.
- Property: means real and personal property. See Texas Government Code 311.005
- Revolving credit: A credit agreement (typically a credit card) that allows a customer to borrow against a preapproved credit line when purchasing goods and services. The borrower is only billed for the amount that is actually borrowed plus any interest due. (Also called a charge account or open-end credit.) Source: OCC
In this chapter:
(1) “Board of directors” means the board of directors of a corporation.
(2) “Bonds” includes notes, interim certificates, or other evidences of indebtedness of a corporation issued or incurred under this chapter.
(3) “Corporation” means a public facility corporation created and existing under this chapter.
(4) “Credit agreement” means a loan agreement, revolving credit agreement, agreement establishing a line of credit, letter of credit, reimbursement agreement, insurance contract, commitment to purchase bonds or sponsor obligations, purchase or sale agreement, interest rate or commodities price swap agreement, cap or collar agreement, protection or management agreement, or commitment or other contract or agreement authorized and approved by the board of directors of a corporation in anticipation of, related to, or in connection with the authorization, issuance, incurrence, sale, security, exchange, payment, purchase, remarketing, or redemption of bonds or interest on bonds.
(5) “Director” means a member of a board of directors.
(6) “Housing authority” means a public corporation created under Chapter 392.
(7) “Public facility” means any real, personal, or mixed property, or an interest in property devoted or to be devoted to public use, and authorized to be financed, refinanced, or provided by sponsor obligations or bonds issued under this chapter.
(8) “Resolution” means a resolution, order, ordinance, or other official action by the governing body of a sponsor.
(9) “School district” means a political subdivision created under § 3, Article VII, Texas Constitution.
(10) “Special district” means:
(A) a district created under § 52, Article III, or § 59, Article XVI, Texas Constitution;
(B) a hospital district or authority; or
(C) a junior college district authorized by Chapter 130, Education Code.
(11) “Sponsor” means a municipality, county, school district, housing authority, or special district that causes a corporation to be created to act in accordance with this chapter.
(12) “Sponsor obligation” means an evidence of indebtedness or obligation that a sponsor issues or incurs to finance, refinance, or provide a public facility, including bonds, notes, warrants, certificates of obligation, leases, and contracts authorized by § 303.041 and Subchapter C.