Tex. Transp. Code § 172.256

Current with legislation from the 2023 Regular and Special Sessions signed by the Governor as of November 21, 2023.

Section 172.256 - Nonnegotiable Purchase Money Notes; Bond Anticipation Notes

(a) A district may:

(1) issue nonnegotiable purchase money notes, payable in installments and secured by the property being acquired or constructed, to acquire or construct rail facilities; or

(2) secure the obligation of the notes by a pledge or by issuing bonds, including bond anticipation notes.

(b) A district may covenant with the purchaser of bond anticipation notes that the proceeds of one or more particular series of bonds will be used for the ultimate payment of the purchase money notes or bond anticipation notes.

Tex. Transp. Code § 172.256

Added by Acts 2009, 81st Leg., R.S., Ch. 85 (S.B. 1540), Sec. 2.04, eff. April 1, 2011.