Sec. 15.203.  ELIGIBLE BONDS.  (a)  Only revenue, general obligation, tax, or combination bonds issued by a political subdivision or a water supply corporation for a project qualifying for assistance under this subchapter and board rules are eligible to be insured under the program.
(b)  Bonds issued for a term longer than 50 years are not eligible to be insured under the program.
Added by Acts 1985, 69th Leg., ch. 133, Sec. 2.05.