Transportation Code § 441.173

Sec. 441.173. FORM AND PROVISIONS OF BONDS. (a) The district may issue the bonds in various series or issues. The bonds may mature serially or otherwise not more than 50 years after their date. The bonds may be made redeemable before maturity at the option of the district or may contain a mandatory redemption provision. (b) An order or resolution of the board authorizing the issuance of the bonds, including refunding bonds, may: (1) provide for the management of money; (2) provide for the establishment and maintenance of an interest and sinking fund, a reserve fund, and other funds; (3) prohibit further issuance of bonds or other obligations payable from pledged fees or reserve the right to issue additional bonds 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; and (4) contain other covenants and provisions as the board determines. (c) The board may adopt and have executed other proceedings or instruments necessary and convenient in connection with the issuance of bonds. Acts 1995, 74th Leg., ch. 165, Sec. 1, eff. Sept. 1, 1995.