Texas Water Code

§ 17.858 — ACQUISITION OF ACQUIRED OBLIGATIONS

WA § 17.858Title 2. WATER ADMINISTRATION · Part C. WATER DEVELOPMENT · Ch. 17. PUBLIC FUNDING · Art. I. REVENUE BOND PROGRAM

Statute text

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(a)If the board approves an application for financial assistance under this subchapter and is to purchase acquired obligations from a participant, the acquired obligations resolution must:

(1)provide for development, construction, and operation of the project by the participant or a person contracting with the participant; and

(2)provide that the participant shall make sufficient payments to the board to service the acquired obligations from:

(A)all or part of the revenues from the ownership or operation of the project;

(B)all or part of any other revenues or funds that may lawfully be pledged by the participant;

(C)taxes levied by the participant or other users of the project; or

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Legislative history

Added by Acts 1987, 70th Leg., ch. 420, Sec. 3, eff. June 17, 1987.