Tex. Local Government Code § 293.051
This is the official text of Tex. Local Government Code § 293.051, part of Texas’s Local Government Code — governs the powers and operations of Texas cities and counties.
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§ 293.051. REVENUE BONDS.
Official statutory text
(a) The authority may issue negotiable revenue bonds to provide funds to carry out its purposes.
(b) The bonds must:
(1) be authorized by a board resolution;
(2) be authorized by an election that is:
(A) called by a resolution of the board;
(B) held throughout the authority; and
(C) called, held, and publicized in the manner provided by Chapter 1251, Government Code;
(3) be signed by the board president or vice-president and countersigned by the board secretary, either by actual or printed facsimile signature;
(4) include the authority seal;
(5) mature serially or otherwise in 40 years or less;
(6) be payable from and secured by a pledge of net revenues from ownership or operation of authority property; and
(7) be sold at a price and under terms that the board considers the most advantageous and the most reasonably obtainable.
(c) The bonds may:
(1) be secured, in addition to the security prescribed in Subsection (b)(6), by a mortgage or deed of trust on authority real or personal property;
(2) bear interest at a rate not to exceed the interest rate prescribed by Chapter 1204, Government Code;
(3) be made callable before maturity at the times and prices prescribed in the bond resolution; and
(4) be made registrable as to principal, interest, or both.
(b) The bonds must:
(1) be authorized by a board resolution;
(2) be authorized by an election that is:
(A) called by a resolution of the board;
(B) held throughout the authority; and
(C) called, held, and publicized in the manner provided by Chapter 1251, Government Code;
(3) be signed by the board president or vice-president and countersigned by the board secretary, either by actual or printed facsimile signature;
(4) include the authority seal;
(5) mature serially or otherwise in 40 years or less;
(6) be payable from and secured by a pledge of net revenues from ownership or operation of authority property; and
(7) be sold at a price and under terms that the board considers the most advantageous and the most reasonably obtainable.
(c) The bonds may:
(1) be secured, in addition to the security prescribed in Subsection (b)(6), by a mortgage or deed of trust on authority real or personal property;
(2) bear interest at a rate not to exceed the interest rate prescribed by Chapter 1204, Government Code;
(3) be made callable before maturity at the times and prices prescribed in the bond resolution; and
(4) be made registrable as to principal, interest, or both.
Status: in_force · Read it on the official government site
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