SUBCHAPTER F.  NOTES AND BONDS

Sec. 8888.251.  REVENUE NOTES.  (a)  The board, without an election, may borrow money on negotiable notes of the authority payable solely from the revenue from any source, including:
(1)  tolls, charges, and fees the authority imposes;
(2)  the sale of water, water or sewer services, or any other service or product of the authority;
(3)  grants or gifts;
(4)  the ownership and operation of all or a designated part of the authority's works, improvements, facilities, plants, or equipment; and
(5)  contracts between the authority and any person.
(b)  The notes may be first or subordinate lien notes at the board's discretion. An obligation may not be a charge on the property of the authority. An obligation may only be a charge on revenue pledged for the payment of the obligation.  
Added by Acts 2017, 85th Leg., R.S., Ch. 869 (H.B. 2803), Sec. 1.04, eff. April 1, 2019.