(a) Funds for the acquisition of surplus federal properties may be provided from general revenue sources, general mortgage loans, or revenue bonds which may be issued by the county, city, or town to provide funds.
(b) (1) The revenue bonds may bear interest at such rate or rates as provided in the ordinance authorizing their issuance. Bonds so issued shall:
(A) Be negotiable;
(B) Declare that a statutory mortgage lien shall exist on the property so acquired; and
(C) Be executed by the county judge and county clerk or municipal mayor and municipal clerk or recorder.
(2) The funds derived from the bonds shall be used exclusively for purposes for which they are issued.
Section: Previous 14-169-1002 14-169-1003 14-169-1004 14-169-1005 14-169-1006 14-169-1007 14-169-1008 14-169-1009 14-169-1010 14-169-1011 NextLast modified: November 15, 2016