Texas Local Government Code 572.064 – Form and Provisions of Obligations
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(a) An obligation issued under this subchapter must mature not later than 40 years after its date of issuance.
(b) The obligations must be signed by the presiding officer or assistant presiding officer of the public utility agency and be attested by the secretary.
Terms Used In Texas Local Government Code 572.064
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Presiding officer: A majority-party Senator who presides over the Senate and is charged with maintaining order and decorum, recognizing Members to speak, and interpreting the Senate's rules, practices and precedents.
- Signed: includes any symbol executed or adopted by a person with present intention to authenticate a writing. See Texas Government Code 311.005
(c) A public utility agency may sell obligations issued under this subchapter at public or private sale at a price or under the terms the agency determines to be in the best interest of the agency.