Texas Education Code - Section 45.032. Revenue Bonds
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§ 45.032. REVENUE BONDS. To provide funds to acquire,
construct, improve, or equip gymnasia, stadia, or other
recreational facilities, the board, city council or commission, or
commissioners court may issue revenue bonds payable from and
secured by liens on and pledges of all or any part of any of the
revenues from any rentals, rates, charges, or other revenues from
any or all of the facilities, in the manner provided by this
subchapter. The bonds may be additionally secured by mortgages and
deeds of trust on any real property on which any of the facilities
are or will be located, or any real or personal property incident or
appurtenant to the facilities, and the board, city council or
commission, or commissioners court may authorize the execution and
delivery of trust indentures, mortgages, deeds of trust, or other
forms of encumbrances to evidence those liens. The bonds may be
issued to mature serially or otherwise not to exceed 50 years from
their date. In the authorization of any of those bonds, the board,
city council or commission, or commissioners court may provide for
the subsequent issuance of additional parity bonds, or subordinate
lien bonds, or other types of bonds, under the terms set forth in
the resolution or order authorizing the issuance of the bonds, all
within the discretion of the board, city council or commission, or
commissioners court. The bonds may be made redeemable before
maturity. The bonds may be sold in the manner, at the price, and
under the terms provided by the board, city council or commission,
or commissioners court in the resolution or order authorizing the
issuance of the bonds. If permitted by the bond resolution or
order, any required part of the proceeds from the sale of the bonds
may be:
(1) used for paying interest on the bonds during the
period of the construction of any facilities to be provided through
the issuance of the bonds;
(2) used for paying the operation and maintenance
expenses of facilities to the extent and for the period specified in
the bond resolution;
(3) used for creating reserves for the payment of the
principal of and interest on the bonds; or
(4) invested, until needed, to the extent and in the
manner provided in the bond resolution or order.
Added by Acts 1995, 74th Leg., ch. 260, § 1, eff. May 30, 1995.
Section: 45.002 45.003 45.0031 45.004 45.005 45.006 45.031 45.032 45.033 45.034 45.035 45.036 45.051 45.052 45.053
Last modified: August 10, 2007
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