Sec. 66.314. PROVISIONS OF BONDS. (a) In the orders or resolutions authorizing the issuance of bonds, including refunding bonds, the board may provide for the flow of funds, the establishment and maintenance of the interest and sinking fund, the reserve fund, and other funds and may make additional covenants with respect to the bonds and the pledged fees.
(b) The orders or resolutions of the board authorizing the issuance of bonds may also prohibit the further issuance of bonds or other obligations payable from the pledged fees or may reserve the right to issue additional bonds to be secured by a pledge of and payable from the fees on a parity with or subordinate to the pledge in support of the bonds being issued.
(c) The orders or resolutions of the board issuing bonds may contain other provisions and covenants as the board may determine.
(d) The board may adopt and have executed any other proceedings or instruments necessary and convenient in connection with the issuance of bonds.
Added by Acts 1985, 69th Leg., ch. 734, Sec. 1, eff. Sept. 1, 1985.
Section: Previous 66.217 66.218 66.303 66.304 66.310 66.311 66.313 66.314 66.315 66.316 66.317 66.318 66.319 66.320 66.321 NextLast modified: September 28, 2016