Texas Local Government Code 501.204 – Authorizing Unit’s Approval of Bonds
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(a) A corporation may not deliver bonds, including refunding bonds, unless the governing body of the corporation’s authorizing unit adopts a resolution, not earlier than the 60th day before the date the bonds are delivered, specifically approving the corporation’s resolution providing for the issuance of the bonds.
(b) If the corporation is authorized to be created by a county alliance, the resolution required by Subsection (a) must be adopted by the commissioners courts of at least three-fifths of the members of the county alliance.
Terms Used In Texas Local Government Code 501.204
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.