Sec. 363.132. TERMS; FORM. (a) A public agency may issue its bonds in various series or issues.
(b) Bonds may mature serially or otherwise not more than 50 years after the date of issuance and shall bear interest at a rate permitted by state law.
(c) A public agency's bonds and interest coupons, if any, are investment securities under Chapter 8, Business & Commerce Code, and may be:
(1) issued registrable as to principal or as to principal and interest; and
(2) made redeemable before maturity, at the option of the public agency, or may contain a mandatory redemption provision.
(d) A public agency's bonds may be issued in the form, denominations, and manner, and under the terms, and shall be signed and executed, as provided by the governing body in the resolution or order authorizing the bonds.
Acts 1989, 71st Leg., ch. 678, Sec. 1, eff. Sept. 1, 1989.
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