Texas Transportation Code 172.256 – Nonnegotiable Purchase Money Notes; Bond Anticipation Notes
Current as of: 2024 | Check for updates
|
Other versions
(a) A district may:
(1) issue nonnegotiable purchase money notes, payable in installments and secured by the property being acquired or constructed, to acquire or construct rail facilities; or
(2) secure the obligation of the notes by a pledge or by issuing bonds, including bond anticipation notes.
(b) A district may covenant with the purchaser of bond anticipation notes that the proceeds of one or more particular series of bonds will be used for the ultimate payment of the purchase money notes or bond anticipation notes.
Terms Used In Texas Transportation Code 172.256
- 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