Tex. Utilities Code § 163.087
This is the official text of Tex. Utilities Code § 163.087, part of Texas’s Utilities Code — regulates utility companies.
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§ 163.087. NONNEGOTIABLE PURCHASE MONEY NOTES.
Official statutory text
(a) The agency may issue nonnegotiable purchase money notes to acquire land or fuel resources.
(b) Nonnegotiable purchase money notes are:
(1) payable in installments;
(2) secured by the property acquired with the notes or other collateral the agency substitutes; and
(3) not a security or agency obligation.
(c) Nonnegotiable purchase money notes may be further secured by a promise to issue bonds or bond anticipation notes to pay the purchase money notes.
(b) Nonnegotiable purchase money notes are:
(1) payable in installments;
(2) secured by the property acquired with the notes or other collateral the agency substitutes; and
(3) not a security or agency obligation.
(c) Nonnegotiable purchase money notes may be further secured by a promise to issue bonds or bond anticipation notes to pay the purchase money notes.
Status: in_force · Read it on the official government site
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