Texas · Through 89th 2nd Called Legislative Session, 2025

Tex. Special District Local Laws Code § 8515.0501: REVENUE NOTES.

Text of section effective on April 01, 2027
(a) The board, without an election, may borrow money, not to exceed $55 million in the aggregate, on the authority's negotiable notes, payable solely from the authority's revenue derived from the ownership of all or any designated part of the authority's works, plant, improvements, facilities, equipment, or water rights after deduction of the reasonable cost of maintaining and operating the facilities.
(b) The notes may be first or subordinate lien notes at the board's discretion. An obligation may not be a charge on the authority's property or on the taxes imposed by the authority. An obligation may only be a charge on the revenue pledged for the payment of the obligation. No part of the obligation may ever be paid from the taxes imposed by the authority.
(c) The notes may bear interest at a rate not to exceed 10 percent and must mature not later than 40 years after the date of their issuance.
Added by Acts 2025, 89th Leg., R.S., Ch. 203 (H.B. 1615), Sec. 1.02, eff. April 1, 2027.

Where this section sits in the code

SPECIAL DISTRICT LOCAL LAWS CODE
TITLE 6. WATER AND WASTEWATER
SUBTITLE G. RIVER AUTHORITIES
CHAPTER 8515. UPPER GUADALUPE RIVER AUTHORITY
SUBCHAPTER E. NOTES, BONDS, AND BORROWED MONEY

Text of section effective on April 01, 2027

(a) The board, without an election, may borrow money, not to exceed $55 million in the aggregate, on the authority's negotiable notes, payable solely from the authority's revenue derived from the ownership of all or any designated part of the authority's works, plant, improvements, facilities, equipment, or water rights after deduction of the reasonable cost of maintaining and operating the facilities.

(b) The notes may be first or subordinate lien notes at the board's discretion. An obligation may not be a charge on the authority's property or on the taxes imposed by the authority. An obligation may only be a charge on the revenue pledged for the payment of the obligation. No part of the obligation may ever be paid from the taxes imposed by the authority.

(c) The notes may bear interest at a rate not to exceed 10 percent and must mature not later than 40 years after the date of their issuance.

Added by Acts 2025, 89th Leg., R.S., Ch. 203 (H.B. 1615), Sec. 1.02, eff. April 1, 2027.

Collected 2026-08-27T01:47:41Z. Source file · JSON

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