Texas Education Code - Section 45.155. Bonds
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§ 45.155. BONDS. (a) An authority may issue revenue
bonds to provide funds for any of its purposes. The bonds shall be
payable from and secured by a pledge of all or any part of the
revenue to be derived from the operation of the stadium or stadia
and any other revenues resulting from the ownership of stadium
properties. The bonds may be additionally secured by a mortgage or
deed of trust on property of the authority.
(b) The bonds must be authorized by resolution adopted by a
majority vote of a quorum of the board of directors. The bonds
shall be signed by the president or vice president and
countersigned by the secretary, or either or both of their
facsimile signatures may be printed on the bonds. The seal of the
authority shall be impressed or printed on the bonds.
(c) The bonds shall mature serially or otherwise in not to
exceed 40 years. Appropriate provisions may be inserted in the
resolution authorizing the execution and delivery of bonds for the
conversion of registered bonds into bearer bonds and vice versa.
(d) Provisions may be made in the bond resolution or trust
indenture for the substitution of new bonds for those lost or
mutilated. When bonds are approved by the attorney general and
registered by the comptroller, it is not necessary to obtain the
approval of the attorney general or registration by the comptroller
as to converted or substituted bonds.
(e) Bonds constituting a junior lien on the revenue or
properties may be issued unless prohibited by the bond resolution
or trust indenture. Parity bonds may be issued under conditions
specified in the bond resolution or trust indenture.
Added by Acts 1995, 74th Leg., ch. 260, § 1, eff. May 30, 1995.
Section: 45.110 45.111 45.112 45.151 45.152 45.153 45.154 45.155 45.156 45.157 45.158 45.159 45.160 45.161 45.162
Last modified: August 10, 2007
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