Texas Utilities Code - Section 163.064. Revenue Bonds
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§ 163.064. REVENUE BONDS. (a) The agency may issue
revenue bonds to accomplish the purposes of the agency.
(b) The agency may pledge to the payment of the obligations
the revenues of all or part of its electric facilities, including
facilities acquired after the obligations are issued. However,
operating and maintenance expenses, including salaries and labor,
materials, and repairs of electric facilities necessary to render
efficient service constitute a first lien on and charge against the
pledged revenue.
(c) The agency may set aside from the proceeds from the sale
of the obligations amounts for payment into the interest and
sinking fund and reserve fund, and for interest and operating
expenses during construction and development, as specified in the
proceedings authorizing the obligations.
(d) Obligation proceeds may be invested, pending their use,
in securities, interest-bearing certificates, or time deposits as
specified in the authorizing proceedings.
(e) Agency obligations are authorized investments for:
(1) a bank;
(2) a savings bank;
(3) a trust company;
(4) a savings and loan association; and
(5) an insurance company.
(f) The obligations, when accompanied by all appurtenant,
unmatured coupons and to the extent of the lesser of their face
value or market value, are eligible to secure the deposit of public
funds of this state, a political subdivision of this state, and any
other political corporation of this state.
Acts 1997, 75th Leg., ch. 166, § 1, eff. Sept. 1, 1997.
Section: 163.057 163.058 163.059 163.060 163.061 163.062 163.063 163.064 163.065 163.066 163.067 163.068 163.101 163.102 163.121
Last modified: August 10, 2007
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