Texas Utilities Code 163.087 – Nonnegotiable Purchase Money Notes
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(a) The agency may issue nonnegotiable purchase money notes to acquire land or fuel resources.
(b) Nonnegotiable purchase money notes are:
(1) payable in installments;
(2) secured by the property acquired with the notes or other collateral the agency substitutes; and
(3) not a security or agency obligation.
Terms Used In Texas Utilities Code 163.087
- 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
(c) Nonnegotiable purchase money notes may be further secured by a promise to issue bonds or bond anticipation notes to pay the purchase money notes.