Tex. Transportation Code § 463.203
This is the official text of Tex. Transportation Code § 463.203, part of Texas’s Transportation Code — governs vehicles, drivers, and roadways.
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§ 463.203. BOND TERMS.
Official statutory text
(a) An authority's bonds are fully negotiable. An authority may make the bonds redeemable before maturity at the price and subject to the terms that are provided in the authority's resolution authorizing the bonds. The authority's resolution authorizing the bonds may contain any other terms the executive committee considers appropriate.
(b) A bond issued under this subchapter is not a debt or pledge of the faith and credit of the state, a political subdivision included in the boundaries of the authority, or any other political subdivision of the state.
(c) Each bond issued by an authority under this subchapter must contain on its face a statement substantially to the effect that:
(1) the state, a political subdivision included in the boundaries of the authority, or any other political subdivision of the state is not obligated to pay the principal of or the interest on the bond; and
(2) the faith and credit and taxing power of the state, a political subdivision included in the boundaries of the authority, or any other political subdivision of the state are not pledged to the payment of the principal of or the interest on the bond.
(b) A bond issued under this subchapter is not a debt or pledge of the faith and credit of the state, a political subdivision included in the boundaries of the authority, or any other political subdivision of the state.
(c) Each bond issued by an authority under this subchapter must contain on its face a statement substantially to the effect that:
(1) the state, a political subdivision included in the boundaries of the authority, or any other political subdivision of the state is not obligated to pay the principal of or the interest on the bond; and
(2) the faith and credit and taxing power of the state, a political subdivision included in the boundaries of the authority, or any other political subdivision of the state are not pledged to the payment of the principal of or the interest on the bond.
Status: in_force · Read it on the official government site
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