Tex. Water Code § 51.432: SALE OF BONDS.

(a) After the bonds are issued by the district, the board shall sell the bonds on the best terms and for the best price possible.

(b) The board shall pay the proceeds from the sale of the bonds to the district depository.

(c) The district may exchange bonds for property acquired by purchase or to pay the contract price of work done for the use and benefit of the district.

Acts 1971, 62nd Leg., p. 342, ch. 58, Sec. 1, eff. Aug. 30, 1971.