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Texas Utilities Code - Section 163.066. Issuance, Form, And Provisions Of Bonds

Legal Research Home > Texas Lawyer > Utilities Code > Texas Utilities Code - Section 163.066. Issuance, Form, And Provisions Of Bonds

§ 163.066. ISSUANCE, FORM, AND PROVISIONS OF BONDS.  (a) 
Agency bonds that are payable from agency revenues or anticipated 
bond proceeds and the records relating to their issuance must be 
submitted to the attorney general for examination before delivery.
	(b)  The bonds:                                                                
		(1)  must mature serially or otherwise not more than 50 
years after the date of issuance;
		(2)  may be made redeemable before maturity at the time 
and at the price or prices set by the agency;  and
		(3)  may be sold at public or private sale under the 
terms and for the price the agency determines to be in the best 
interest of the agency.
	(c)  The bonds must be signed by the presiding officer or 
assistant presiding officer of the agency, be attested by the 
secretary, and bear the seal of the agency.  The signatures may be 
printed on the bonds if authorized by the agency, and the seal may 
be impressed or printed on the bonds.  The agency may adopt or use 
for any purpose the signature of an individual who has been an 
officer of the agency, regardless of whether the individual has 
ceased to be an officer at the time the bonds are delivered to the 
purchaser.

Acts 1997, 75th Leg., ch. 166, § 1, eff. Sept. 1, 1997.                    

Last modified: August 10, 2007