Texas Health and Safety Code 262.043 – Terms
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(a) Revenue bonds must mature serially or otherwise not more than 40 years after they are issued.
(b) Revenue bonds may:
(1) be sold at a price and under terms that the board considers the most advantageous reasonably obtainable, except that the net effective interest rate computed according to Chapter 1204, Government Code, may not exceed 10 percent a year;
(2) be made callable before maturity at times and prices prescribed in the resolution authorizing the bonds; and
(3) be made registrable as to principal or as to principal and interest.
Terms Used In Texas Health and Safety Code 262.043
- Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
- Year: means 12 consecutive months. See Texas Government Code 311.005