Texas Water Code 17.953 – Conditions for Issuance of Water Financial Assistance Bonds
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(a) Water financial assistance bonds may be issued as various series and issues.
(b) Water financial assistance bonds may mature, serially or otherwise, not later than 50 years after the date on which they are issued.
Terms Used In Texas Water Code 17.953
- 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
- Signed: includes any symbol executed or adopted by a person with present intention to authenticate a writing. See Texas Government Code 311.005
(c) Water financial assistance bonds may be issued as bonds, notes, or other obligations as permitted by law and may be in the form and denominations and be issued in the manner and under the terms, conditions, and details as provided by resolution.
(d) Water financial assistance bonds may be sold at public or private sale at a price or prices and on terms determined by the board.
(e) Water financial assistance bonds shall be signed and executed as provided by resolution.
(f) Water financial assistance bonds may bear no interest or bear interest at a rate or rates determined in accordance with law.
(g) Rates of interest on water financial assistance bonds may be fixed, variable, floating, adjustable, or otherwise, as determined by the board or determined pursuant to any contractual arrangements approved by the board. The resolution may provide for the payment of interest at any time or the periodic determination of interest rates or interest rate periods.