Texas Water Code
§ 17.179 — SECURITY FOR BONDS
WA § 17.179Title 2. WATER ADMINISTRATION · Part C. WATER DEVELOPMENT · Ch. 17. PUBLIC FUNDING · Art. E. PROVISIONS GENERALLY APPLICABLE TO FINANCIAL ASSISTANCE
Statute text
View on source(a)Except as provided by Subsection (c) of this section, bonds purchased by the board shall be supported by:
(1)all or part of the net revenue from the operation of the project;
(2)taxes levied by the political subdivision for the purpose; or
(3)a combination of taxes and net revenue, and revenue from other available sources.
(b)The board may require that the bonds be supported both by taxes and by net revenue from the operation of the project in any ratio the board considers necessary to fully secure the investment. The board shall establish other conditions and requirements it considers to be consistent with sound investment practices and in the public interest.
(c)Bonds purchased by the board under Subchapter K of this chapter may be additionally supported by money provided to the political subdivision by the federal or state government and by private donations.
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Legislative history
Amended by Acts 1987, 70th Leg., ch. 1103, Sec. 1, eff. Sept. 1, 1987; Acts 1989, 71st Leg., ch. 624, Sec. 2.18; Acts 1991, 72nd Leg., 1st C.S., ch. 4, Sec. 13.01, eff. Aug. 22, 1991; Acts 2001, 77th Leg., ch. 1420, Sec. 8.408, eff. Sept. 1, 2001.