Texas Agriculture Code
§ 58.033 — ISSUANCE OF REVENUE BONDS
AG § 58.033Title 4. AGRICULTURAL ORGANIZATIONS · Ch. 58. AGRICULTURAL FINANCE AUTHORITY · Art. D. BONDS
Statute text
View on source(a)In addition to the authority to issue general obligation bonds, the authority may issue not more than $500 million of revenue bonds for the purpose of providing money to carry out any purpose of the authority under this chapter. The authority shall establish and maintain funds and accounts, in accordance with Subsection (d) of this section, that the board considers necessary to ensure payment of the bonds and to provide for the use of the bond proceeds and the implementation of the program financed. Proceeds of revenue bonds shall be applied in accordance with the resolution authorizing those bonds:
(1)to provide financial assistance:
(A)to eligible agricultural businesses; and
(B)for programs designed to further rural economic development;
(2)to pay costs of issuance of those bonds and the administration of any financial assistance program established by the authority; and
(3)together with any other available funds, to pay the principal of or interest on or to discharge or redeem, in whole or in part, any outstanding bonds issued by the authority.
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Legislative history
Added by Acts 1987, 70th Leg., 2nd C.S., ch. 32, art. 2, Sec. 1, eff. Oct. 20, 1987; Acts 1989, 71st Leg., ch. 1247, Sec. 1, eff. Sept. 1, 1989. Amended by Acts 1997, 75th Leg., ch. 1423, Sec. 2.05, eff. Sept. 1, 1997; Acts 2001, 77th Leg., ch. 26, Sec. 9, eff. May 2, 2001.