Sec. 383.021. AUTHORITY TO ISSUE. (a) An issuer may issue negotiable bonds, payable from revenues of the issuer, to pay costs related to the acquisition, construction, or improvement of a control facility, including:
(1) the cost of real property acquired for the control facility;
(2) finance charges;
(3) interest before and during construction and for a period the issuer finds reasonable after completion of construction;
(4) expenses incurred for architectural, engineering, and legal services;
(5) expenses incurred for plans, specifications, surveys, and estimates;
(6) expenses incurred in placing the control facility in operation;
(7) expenses of administration; and
(8) other expenses necessary or incident to the acquisition, construction, or improvement.
(b) The bonds may be issued in more than one series and from time to time as required to carry out the purposes of this chapter.
(c) Pending issuance of definitive bonds, the issuer may authorize the delivery of negotiable interim bonds eligible for exchange or substitution by use of the definitive bonds.
(d) An issuer may not issue bonds to acquire an existing control facility solely for the purpose of leasing or selling it back to the person from whom it was acquired or to another person controlled by that person, unless the control facility is to be substantially improved before it is leased or sold back to such a person.
Acts 1989, 71st Leg., ch. 678, Sec. 1, eff. Sept. 1, 1989.
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