Tex. Water Code § 51.419: CONDITIONS OF BONDS.

(a) The bonds may be issued to mature at the end of a term of years or to mature serially at any date which is not later than the maximum maturity date stated in the election order.

(b) The bonds may be issued at any rate of interest which is not more than the rate of interest set in the election order.

Acts 1971, 62nd Leg., p. 339, ch. 58, Sec. 1, eff. Aug. 30, 1971.