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Texas Water Code - Chapter 20 Texas Water Resources Finance AuthorityLegal Research Home > Texas Laws > Water Code > Texas Water Code - Chapter 20 Texas Water Resources Finance Authority (a) The legislature declares that it is the policy of the state to: (1) encourage and assist in the conservation and development of the water ... In this subchapter: (1) "Authority" means the Texas Water Resources Finance Authority. (2) "Authorized investments" means: (A) direct obligations of or obligations the principal of ... (a) The Texas Water Resources Finance Authority is created as a governmental entity and a body politic and corporate. (b) The exercise of the powers ... (a) The authority is governed by a board of directors composed of the six directors of the development board. (b) Each director serves on the ... The directors are not entitled to receive compensation for their service on the board but are entitled to be reimbursed for their expenses in performing ... (a) The board shall select from its membership one person to serve as chairman and one person to serve as vice-chairman. (b) The person selected ... (a) The board shall hold regular meetings at times provided by its rules and shall meet at least once each calendar year. (b) The board ... The board may adopt rules that are necessary to carry out this chapter and may take official action by adoption of a resolution or order. ... A director or officer of the authority is not liable for any bonds issued or contracts executed by the authority. Added by Acts 1987, 70th ... The board may acquire, hold, invest and reinvest in authorized investments, deposit, use, and dispose of the authority's revenues, income, receipts, funds, and money from ... (a) The property of the authority, its income, and its operations are exempt from all taxes and assessments imposed by the state and political subdivisions ... (a) The authority shall operate on a fiscal year beginning September 1. (b) The state auditor may audit the authority's books and accounts, based on ... (a) Expenses incurred by the authority under this Act shall be paid solely from revenues or funds provided or to be provided under this chapter. ... The authority may sue and be sued in the courts of this state in the name of the authority, and the courts shall take judicial ... The board may adopt a seal for the authority. Added by Acts 1987, 70th Leg., ch. 728, § 1, eff. June 20, 1987. ... The authority may exercise any authority necessary or appropriate to carry out the purposes of this chapter. Added by Acts 1987, 70th Leg., ch. 728, ... The board may request and accept for the authority grants, allocations, subsidies, guaranties, aid, contributions, services, labor, materials, gifts, and donations. Added by Acts 1987, ... The board on behalf of the authority may enter into contracts with any person to carry out this chapter. Added by Acts 1987, 70th Leg., ... The board may purchase for the authority and pay premiums on insurance of any type, in any amounts, and from any insurers the board considers ... The authority may enter into contracts with the development board and with consultants as necessary to perform the functions provided by this chapter. Added by ... The board may purchase political subdivision bonds including bonds that are acquired or owned by the development board. Added by Acts 1987, 70th Leg., ch. ... If the board agrees to purchase political subdivision bonds from the development board that have not been purchased by the development board at the time ... The board shall purchase political subdivision bonds at prices and under terms the board determines to be reasonable. Added by Acts 1987, 70th Leg., ch. ... (a) The board may issue revenue bonds in the name of the authority to finance the cost of acquisition of political subdivision bonds and to ... The board shall enter into a contract with the development board for the development board to perform the functions required to ensure that the political ... (a) If there is a default in the payment of principal of or interest on political subdivision bonds purchased by the authority or any other ... For the issuance of bonds under this chapter, the board may exercise the authority granted to the governing body of an issuer with regard to ... (a) Bonds may be issued as various series and issues. (b) Bonds issued by the authority may mature serially or otherwise not later than 50 ... A bond resolution or order may provide for the periodic determination of interest rates without the board being required to give specific approval. Added by ... (a) A bond resolution or order may delegate to one or more officers, employees, or agents designated by the board authority to act on behalf ... The board may take any action necessary to qualify the authority bonds for offer and sale under the securities laws and regulations of the United ... The bonds and any interest coupons are investment securities under Chapter 8, Business & Commerce Code, and may be issued registrable as to principal or ... (a) The authority's bonds may be issued in the form, denominations, and manner and under the terms, conditions, and details as provided by the board ... (a) In the resolution or order authorizing issuance of bonds, the board may make additional covenants with respect to the bonds and the pledged revenues ... (a) The resolutions or orders authorizing the bonds may prohibit the further issuance of bonds or other obligations payable from the pledged revenue or may ... The bonds issued under this chapter are subject to review and approval by the attorney general in the same manner and with the same effect ... (a) Bonds may not be issued under this section unless the issuance has been reviewed and approved by the bond review board. The bond review ... (a) The board may issue refunding bonds to refund all or part of its outstanding bonds issued under this chapter, including matured but unpaid interest. ... The bonds are eligible to secure deposits of public funds of the state and cities, counties, school districts, and other political subdivisions of the state. ... The bonds are legal and authorized investments for: (1) banks; (2) savings banks; (3) trust companies; (4) savings and loan associations; (5) insurance companies; (6) ... Since the authority is performing an essential governmental function in the exercise of the powers conferred on it by this chapter, the bonds issued under ... (a) The authority's bonds are obligations solely of the authority and are payable solely from funds of the authority, and this chapter and the authority's ... A writ of mandamus and all other legal and equitable remedies are available to any party at interest to require the authority and any other ... Last modified: August 11, 2007 |
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