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Texas Laws | Utility Code
UTILITIES CODE
TITLE 4. DELIVERY OF UTILITY SERVICES

Added by Acts 2015, 84th Leg., R.S., Ch. 1162 (S.B. 776), Sec. 3, eff. September 1, 2015. (10426)

Sec. 163.085. REFUNDING BONDS. (10427)(Text)

The agency may issue refunding bonds. (10428)

Added by Acts 2015, 84th Leg., R.S., Ch. 1162 (S.B. 776), Sec. 3, eff. September 1, 2015. (10429)

Sec. 163.086. ISSUANCE, FORM, AND PROVISIONS OF BONDS. (10430)(Text)

(a) Agency bonds that are payable from agency revenues or anticipated bond proceeds and the records relating to their issuance must be submitted to the attorney general for examination before delivery. (10431)

(b) The bonds: (10432)

(1) must mature serially or otherwise not more than 50 years after the date of issuance; (10433)

(2) may be made redeemable before maturity at the time and at the price or prices set by the agency; and (10434)

(3) may be sold at public or private sale under the terms and for the price the agency determines to be in the best interest of the agency. (10435)

(c) The bonds must be signed by the presiding officer or assistant presiding officer of the agency, be attested by the secretary, and bear the seal of the agency. The signatures may be printed on the bonds if authorized by the agency, and the seal may be impressed or printed on the bonds. The agency may adopt or use for any purpose the signature of an individual who has been an officer of the agency, regardless of whether the individual has ceased to be an officer at the time the bonds are delivered to the purchaser. (10436)

Added by Acts 2015, 84th Leg., R.S., Ch. 1162 (S.B. 776), Sec. 3, eff. September 1, 2015. (10437)

Sec. 163.087. NONNEGOTIABLE PURCHASE MONEY NOTES. (10438)(Text)

(a) The agency may issue nonnegotiable purchase money notes to acquire land or fuel resources. (10439)

(b) Nonnegotiable purchase money notes are: (10440)

(1) payable in installments; (10441)

(2) secured by the property acquired with the notes or other collateral the agency substitutes; and (10442)

(3) not a security or agency obligation. (10443)

(c) Nonnegotiable purchase money notes may be further secured by a promise to issue bonds or bond anticipation notes to pay the purchase money notes. (10444)

Added by Acts 2015, 84th Leg., R.S., Ch. 1162 (S.B. 776), Sec. 3, eff. September 1, 2015. (10445)

Sec. 163.088. BOND ANTICIPATION NOTES. (10446)(Text)

(a) The agency may issue bond anticipation notes: (10447)

(1) for any purpose for which the agency may issue bonds; or (10448)

(2) to refund previously issued bond anticipation notes or nonnegotiable purchase money notes. (10449)

(b) Bond anticipation notes are subject to the limitations and conditions prescribed by this subchapter for bonds. (10450)

(c) The agency may contract with purchasers of bond anticipation notes that the proceeds of one or more series of bonds will be used to pay or refund the notes. (10451)

Added by Acts 2015, 84th Leg., R.S., Ch. 1162 (S.B. 776), Sec. 3, eff. September 1, 2015. (10452)

Sec. 163.089. PUBLIC SECURITIES. (10453)(Text)

(a) It is a public purpose for a public entity that has participated in the creation of an agency to pay costs of planning, acquisition, construction, ownership, operation, and maintenance of electric facilities. (10454)

(b) A public entity may issue public securities, as defined by Section 1201.002(2), Government Code, including bonds, notes, or other forms of indebtedness, in the principal amount approved by the governing body of the public entity, for the purpose of financing electric facilities or improvements to electric facilities to be owned or operated by the agency or otherwise in furtherance of a purpose described by this section. (10455)

(c) A public entity and an agency may agree in a contract, or by other official action of the public entity and agency, to terms and conditions governing the use by the agency of the proceeds of the public securities issued by a public entity for a purpose described by this section. (10456)

(d) A contract or other official action described by Subsection (c) may include provisions with respect to, and conclusively establish sufficient consideration for, the use of the proceeds. The consideration may include the right to: (10457)

(1) use the financed facilities or portions of the facilities; (10458)

(2) receive output from the financed facilities; or (10459)

(3) receive an ownership interest in the financed facilities upon the dissolution of the agency or an undivided interest in the financed facilities at the time a public entity funds facility improvements. (10460)

(e) A contract or other official action described by Subsection (c) may contain other terms and extend for any period on which all of the parties agree. (10461)

(f) A public security issued for the purposes described by this section may include: (10462)

(1) debt obligations issued in accordance with Chapter 1207, 1331, 1371, 1431, or 1502, Government Code, or Chapter 271, Local Government Code; or (10463)

(2) other types or forms of debt that the public entity is authorized to issue. (10464)

(g) Each participating public entity may exercise any power of an issuer under Chapter 1371, Government Code. (10465)

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