Terms Used In Texas Special District Local Laws Code Chapter 1110 > Subchapter E - Bonds

• Deed: The legal instrument used to transfer title in real property from one person to another.
• Ex officio: Literally, by virtue of one's office.
• 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}
• Lien: A claim against real or personal property in satisfaction of a debt.
• 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.
• Year: means 12 consecutive months. See Texas Government Code 311.005