Texas Education Code - Section 52.83. Terms
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§ 52.83. TERMS. (a) Except as provided by this
subchapter, the board by resolution may provide the terms and name
of the bonds.
(b) The bonds must be dated and bear interest at a rate or
rates prescribed by the board in accordance with the resolution for
the issuance of the bonds, except that the rate may not exceed the
maximum net effective rate allowed by law. The resolution may
provide for:
(1) any type of rate, including a fixed, variable,
floating, or adjustable rate; and
(2) any arrangement for the periodic determination of
interest rates, including a formula, index, or contract.
(c) The bonds must mature serially or otherwise not later
than the 40th year after the date of their issuance.
(d) The bonds may have a different face value from other
bonds issued by the board.
Added by Acts 1991, 72nd Leg., 2nd C.S., ch. 5, § 1. Amended by
Acts 1993, 73rd Leg., ch. 571, § 12, eff. Aug. 30, 1993.
Section: 52.70 52.71 52.72 52.73 52.74 52.81 52.82 52.83 52.84 52.85 52.86 52.87 52.88 52.89 52.90
Last modified: August 10, 2007
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