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Texas Utilities Code - Section 163.067. Nonnegotiable Purchase Money Notes

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§ 163.067. NONNEGOTIABLE PURCHASE MONEY NOTES.  (a) The 
agency may issue nonnegotiable purchase money notes to acquire land 
or fuel resources.
	(b)  Nonnegotiable purchase money notes are:                                   
		(1)  payable in installments;                                                 
		(2)  secured by the property acquired with the notes or 
other collateral the agency substitutes;  and
		(3)  not a security or agency obligation.                                     
	(c)  Nonnegotiable purchase money notes may be further 
secured by a promise to issue bonds or bond anticipation notes to 
pay the purchase money notes.

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

Last modified: August 10, 2007