Texas Utilities Code

§ 163.067 — NONNEGOTIABLE PURCHASE MONEY NOTES

UT § 163.067Title 4. DELIVERY OF UTILITY SERVICES · Part A. UTILITY CORPORATIONS AND OTHER PROVIDERS · Ch. 163. JOINT POWERS AGENCIES · Art. C. MUNICIPAL POWER AGENCIES

Statute text

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(a)The agency may issue nonnegotiable purchase money notes to acquire land or fuel resources.

(b)Nonnegotiable purchase money notes are:

(1)payable in installments;

(2)secured by the property acquired with the notes or other collateral the agency substitutes; and

(3)not a security or agency obligation.

(c)Nonnegotiable purchase money notes may be further secured by a promise to issue bonds or bond anticipation notes to pay the purchase money notes.

Legislative history

Acts 1997, 75th Leg., ch. 166, Sec. 1, eff. Sept. 1, 1997.