Sec. 221.046.  MITIGATION BANK FINANCING.  (a)  A mitigation project participant may issue a bond, note, or other obligation to acquire land for, to pay any part of the cost of, or to acquire, construct, improve, operate, or maintain a wetland mitigation bank.
(b)  The subdivision may issue a bond, note, or obligation:
(1)  in one or more series;  and
(2)  payable from and secured by:
(A)  a tax;
(B)  an assessment;
(C)  an impact fee;
(D)  revenue;
(E)  a grant or gift;
(F)  a lease or contract;  or
(G)  a combination of resources listed in Paragraphs (A)-(F).
(c)  In this section, "mitigation project participant" means an eligible political subdivision that seeks to:
(1)  implement a project the unavoidable result of which would adversely affect wetland;  and
(2)  compensate for the loss of wetland acreage or wetland habitat value through participation in a mitigation bank.
Added by Acts 1997, 75th Leg., ch. 165, Sec. 24.01(a), eff. Sept. 1, 1997.