Water Code § 17.968

The board may sell or dispose of certain bonds or assets and use the proceeds for specified bond debt service or financial assistance, but it must not do so in a way that makes related general obligation bonds stop being self-supporting. It must also sell the bonds at a price and on terms it considers reasonable.

Jurisdiction: United States — Texas
Instrument: Code
Version: Undated source snapshot
Language: en
Official source: View official record ↗

bond sales debt service financial assistance proceeds use

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17.968
Water Code § 17.968
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The board may sell or dispose of certain bonds or assets and use the proceeds for specified bond debt service or financial assistance, but it must not do so in a way that makes related general obligation bonds stop being self-supporting. It must also sell the bonds at a price and on terms it considers reasonable.

Sec. 17.968. SALE OF POLITICAL SUBDIVISION BONDS BY THE BOARD; USE OF PROCEEDS. (a) The board may sell or dispose of political subdivision bonds or other assets purchased with money in the fund to any person, including the Texas Water Resources Finance Authority, or to another fund administered by the board, including the state water implementation revenue fund for Texas, and the board, in such manner as it shall determine, may apply the proceeds of the sale of political subdivision bonds or other assets held by the board to: (1) pay debt service on water financial assistance bonds issued under this subchapter; or (2) provide financial assistance to political subdivisions for any one or more of the purposes authorized by Section 49-d-8, Article III, Texas Constitution. (a-1) A sale or disposition of political subdivision bonds or other assets may not cause general obligation bonds that are payable from the fund or from an account in the fund to no longer be self-supporting for purposes of Section 49-j(b), Article III, Texas Constitution, as determined by the board. (b) The board shall sell the political subdivision bonds at the price and under the terms that it determines to be reasonable. Added by Acts 1997, 75th Leg., ch. 1010, Sec. 5.03. Amended by: Acts 2013, 83rd Leg., R.S., Ch. 207 (H.B. 4), Sec. 2.18, eff. November 5, 2013.

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Water Code § 17.968

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