Texas Local Government Code 507.153 – Bond Requirements
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Terms Used In Texas Local Government Code 507.153
- 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.
- 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.
Bonds issued under this chapter must:
(1) be payable only from the revenue of a spaceport developed by the spaceport development corporation issuing the bonds;
(2) mature not later than 50 years after the date of issuance; and
(3) state on their faces that the bonds are not an obligation of the State of Texas or a political subdivision of this state, other than the corporation that issued the bonds.