Texas Transportation Code

§ 54.154 — TERMS OF ISSUANCE OF REVENUE REFUNDING OBLIGATIONS

TN § 54.154Title 4. NAVIGATION · Part A. WATERWAYS AND PORTS · Ch. 54. HARBOR AND PORT FACILITIES IN CERTAIN MUNICIPALITIES · Art. D. REFUNDING OBLIGATIONS

Statute text

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(a)Revenue refunding obligations may:

(1)be combined with new or original revenue obligations into one series or issue;

(2)be issued to refund obligations of more than one series or issue;

(3)combine the pledges securing the obligations to be refunded to secure the revenue refunding obligations; or

(4)be secured by a pledge of other or additional net revenue.

(b)A revenue refunding obligation may bear interest at a rate higher than that of the obligation to be refunded.

Legislative history

Added by Acts 1999, 76th Leg., ch. 227, Sec. 20, eff. Sept. 1, 1999.