Texas Water Code Title 2, Chapter 20 - Texas Water Resources Finance Authority
SUBCHAPTER A GENERAL PROVISIONS
- Texas Section 20.001 - Legislative Purpose And Policy
(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...
SUBCHAPTER B ADMINISTRATIVE PROVISIONS
- Texas Section 20.002 - Definitions And Construction
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...
- Texas Section 20.011 - Creation Of Authority
(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...
- Texas Section 20.012 - Board Of Directors
(a) The authority is governed by a board of directors composed of the directors of the development board. (b) Each director serves on the board...
- Texas Section 20.013 - Compensation; Reimbursement
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...
- Texas Section 20.014 - Organization Of Board
(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...
- Texas Section 20.015 - Board Meetings
(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...
- Texas Section 20.016 - Rules And Resolutions
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....
- Texas Section 20.017 - Liability
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...
- Texas Section 20.018 - General Fiscal Authority
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...
- Texas Section 20.019 - Property Tax Exempt
(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...
- Texas Section 20.020 - Fiscal Year; Annual Audit
(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...
- Texas Section 20.021 - Authority Expenses
(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....
- Texas Section 20.022 - Suits
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...
SUBCHAPTER C POWERS AND DUTIES
- Texas Section 20.023 - Seal
The board may adopt a seal for the authority. Added by Acts 1987, 70th Leg., ch. 728, Sec. 1, eff. June 20, 1987.
- Texas Section 20.041 - General Powers And Duties
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,...
- Texas Section 20.042 - Gifts, Grants, Etc
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,...
- Texas Section 20.043 - Contracts
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.,...
- Texas Section 20.044 - Purchase Of Insurance
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...
SUBCHAPTER D POLITICAL SUBDIVISION BONDS
- Texas Section 20.045 - Contracts With Development Board
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...
- Texas Section 20.071 - Purchase Of Political Subdivision Bonds
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....
- Texas Section 20.072 - Acquisition Of Certain Development Board Bonds
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...
- Texas Section 20.073 - Price And Terms Of Purchase
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....
- Texas Section 20.074 - Revenue Bonds
(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...
- Texas Section 20.075 - Contract For Obtaining Compliance With Political Subdivision Bonds
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...
SUBCHAPTER E BOND PROCEDURES
- Texas Section 20.076 - Enforcement Of Political Subdivision Bonds
(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...
- Texas Section 20.101 - Issuance Of Bonds
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...
- Texas Section 20.102 - Conditions For Issuance Of Bonds
(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...
- Texas Section 20.103 - Periodic Determination Of Interest
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...
- Texas Section 20.104 - Persons Designated To Act As Agents Of Board
(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...
- Texas Section 20.105 - Security Qualifications
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...
- Texas Section 20.106 - Investment Securities
The bonds and any interest coupons are investment securities under Chapter 8, Business & Commerce Code, and may be issued registrable as to principal or...
- Texas Section 20.107 - Form Of Bonds
(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...
- Texas Section 20.108 - Funds
(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...
- Texas Section 20.109 - Resolutions, Orders, Etc
(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...
- Texas Section 20.110 - Approval Of Attorney General
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...
- Texas Section 20.111 - Bond Review Board
(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...
- Texas Section 20.112 - Refunding Bonds
(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....
- Texas Section 20.113 - Eligible Security
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....
- Texas Section 20.114 - Legal Investments
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)...
- Texas Section 20.115 - Tax Exempt
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...
- Texas Section 20.116 - Pledge Of State Faith And Credit; Covenant With Owners Of Bonds
(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...
- Texas Section 20.117 - Enforcement By Mandamus
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: September 28, 2016