Texas Water Code 15.203 – Eligible Bonds
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(a) Only revenue, general obligation, tax, or combination bonds issued by a political subdivision or a water supply corporation for a project qualifying for assistance under this subchapter and board rules are eligible to be insured under the program.
(b) Bonds issued for a term longer than 50 years are not eligible to be insured under the program.
Terms Used In Texas Water Code 15.203
- 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.