Sec. 58.450. FORM OF BONDS. (a) The bonds shall be issued in the name of the district and shall be signed by the president and attested by the secretary, with the seal of the district attached.
(b) The bonds shall be issued in denominations of $100 or multiples of $100 and shall be payable annually or semiannually.
(c) The board shall determine and include in the bonds the time, place, manner, and condition of payment of principal and interest on the bonds, but none of the bonds may be made payable more than 40 years from their date.
(d) The lien for payments due to the United States under a contract that was not accompanied by a deposit of bonds with the United States shall be a preferred lien to that of any issue of bonds of any series or any issue of bonds subsequent to the date of the contract.
Added by Acts 1977, 65th Leg., p. 1537, ch. 627, Sec. 1, eff. Aug. 29, 1977.Section: Previous 58.443 58.444 58.445 58.446 58.447 58.448 58.449 58.450 58.453 58.454 58.455 58.456 58.457 58.458 58.459 Next
Last modified: September 28, 2016