Texas Auxiliary Water Laws - Article 7621f. Sale Or Disposal Of Salt Water For Pollution Control
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Art. 7621f. SALE OR DISPOSAL OF SALT WATER FOR POLLUTION
CONTROL.
Contracts for pollution control; terms
Section 1. Any water power control district heretofore
organized or hereafter organized is authorized to enter into
contracts with any person, firm or corporation or one or more of
either, for the sale or disposal of salt water. Provided, no such
contract shall be entered into unless it is determined by the Board
of Directors of such District that such contract is needed for the
purpose of pollution control and unless any such contract in the
opinion of such Board of Directors is reasonably calculated to
achieve such purpose. If it is determined by the Board of Directors
of any such District that in order to effect the sale or disposal of
salt water that it is necessary to guarantee a constant flow of
water under any such contract, then fresh water may be included, but
only to the extent it is necessary in order to achieve pollution
control through disposing of salt water. Such contracts may be for
a period of time and on such terms as may be deemed necessary by any
such Board of Directors.
Revenue bonds; purposes; sale; form, conditions and details
Sec. 2. Any water power control district is authorized to
issue revenue bonds, without an election, for the purpose of the
construction and acquisition of pipe lines, pumps and all
facilities necessary for the sale or disposal of salt water for
pollution control. Any such bonds shall be authorized by such Board
of Directors, from time to time, and in such amounts as it shall
consider necessary. All such bonds shall be fully negotiable and
may be made redeemable before maturity, at the option of the Board
of Directors of any such District, at such price or prices and under
such terms and conditions as may be fixed by such Board of Directors
prior to the issuance of such bonds. Such Board of Directors may
sell such bonds in such manner, either at public or at private sale,
and for such price as it may determine to be for the best interest of
the District, but no such sale shall be made at a price so low as to
require the payment of interest on the money received therefor at
more than six (6%) per cent per annum, computed with relation to the
absolute maturity of the bonds in accordance with standard tables
of bond values, excluding however, from such computation the amount
of any premium to be paid on redemption of any bonds prior to
maturity. Subject to the restrictions contained in this Act each
such Board of Directors is given complete discretion in fixing the
form, conditions and details of such bonds, and such bonds may be
refunded or otherwise refinanced whenever said Board of Directors
deems such action to be appropriate or necessary.
Any such bonds may be secured by a pledge of the revenues to
be received by the District from one or more contracts entered into
between the District and any person, firm or corporation, in the
manner and to the extent provided in the order of the Board of
Directors authorizing such bonds. Any such bonds shall be special
obligations of the District issuing same, payable solely from the
revenues pledged to their payment. Any such bonds shall contain the
following statement:
"The holder hereof shall never have the right to demand
payment hereof from funds raised or to be raised by taxation."
Contracts with non-profit corporations; acceptance of works or
facilities
Sec. 3. If any water power control district enters into a
contract with a non-profit corporation whereby such non-profit
corporation obligates itself to provide works or facilities to
accomplish pollution control and issues its bonds to secure funds
to accomplish same, the District is hereby authorized to accept all
such works or facilities from such non-profit corporation at the
time and in the manner provided in the contract and in the indenture
securing such non-profit corporation's obligations.
Bond issues involving federal funds; approval
Sec. 3-a. Approval must be acquired from the Texas Water
Commission pursuant to Article 7880-139, Vernon's Civil Statutes,
as amended, when issuing bonds involving Federal funds.
Examination, approval and registration of bonds
Sec. 4. Prior to delivery thereof, all bonds authorized to be
issued hereunder and the record relating to their issuance shall be
submitted to the Attorney General of Texas for examination; and if
he finds that they have been issued in accordance with the
Constitution and this Act, and that they will be binding special
obligations of the District authorizing their issuance, he shall
approve them, and thereupon they shall be registered by the
Comptroller of Public Accounts of the State of Texas, and after such
approval and registration they shall be incontestable.
Acts 1965, 59th Leg., p. 1509, ch. 655, eff. Aug. 30, 1965.
Article: 7621f 7808 7809 7810 7811 7812 7813 7814 7815 7816 7817 7818 7819 7820 7821
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Last modified: August 10, 2007
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