Tex. Transportation Code § 172.256
This is the official text of Tex. Transportation Code § 172.256, part of Texas’s Transportation Code — governs vehicles, drivers, and roadways.
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§ 172.256. NONNEGOTIABLE PURCHASE MONEY NOTES; BOND ANTICIPATION NOTES.
Official statutory text
(a) A district may:
(1) issue nonnegotiable purchase money notes, payable in installments and secured by the property being acquired or constructed, to acquire or construct rail facilities; or
(2) secure the obligation of the notes by a pledge or by issuing bonds, including bond anticipation notes.
(b) A district may covenant with the purchaser of bond anticipation notes that the proceeds of one or more particular series of bonds will be used for the ultimate payment of the purchase money notes or bond anticipation notes.
(1) issue nonnegotiable purchase money notes, payable in installments and secured by the property being acquired or constructed, to acquire or construct rail facilities; or
(2) secure the obligation of the notes by a pledge or by issuing bonds, including bond anticipation notes.
(b) A district may covenant with the purchaser of bond anticipation notes that the proceeds of one or more particular series of bonds will be used for the ultimate payment of the purchase money notes or bond anticipation notes.
Status: in_force · Read it on the official government site
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