Texas Utilities Code
§ 163.064 — REVENUE BONDS
UT § 163.064Title 4. DELIVERY OF UTILITY SERVICES · Part A. UTILITY CORPORATIONS AND OTHER PROVIDERS · Ch. 163. JOINT POWERS AGENCIES · Art. C. MUNICIPAL POWER AGENCIES
Statute text
View on source(a)The agency may issue revenue bonds to accomplish the purposes of the agency.
(b)The agency may pledge to the payment of the obligations the revenues of all or part of its electric facilities, including facilities acquired after the obligations are issued. However, operating and maintenance expenses, including salaries and labor, materials, and repairs of electric facilities necessary to render efficient service constitute a first lien on and charge against the pledged revenue.
(c)The agency may set aside from the proceeds from the sale of the obligations amounts for payment into the interest and sinking fund and reserve fund, and for interest and operating expenses during construction and development, as specified in the proceedings authorizing the obligations.
(d)Obligation proceeds may be invested, pending their use, in securities, interest-bearing certificates, or time deposits as specified in the authorizing proceedings.
(e)Agency obligations are authorized investments for:
(1)a bank;
…
Legislative history
Acts 1997, 75th Leg., ch. 166, Sec. 1, eff. Sept. 1, 1997.