Texas Transportation Code 431.070 – Bonds and Notes
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(a) A corporation may issue bonds and notes to carry out its purpose.
(b) The bonds and notes may be issued under any power or authority available to the corporation, including Chapter 1201, Government Code.
Terms Used In Texas Transportation Code 431.070
- 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.
(c) A bond or note must state on its face that it is not an obligation of the State of Texas.