(a) A mitigation project participant may issue a bond, note, or other obligation to acquire land for, to pay any part of the cost of, or to acquire, construct, improve, operate, or maintain a wetland mitigation bank.
(b) The subdivision may issue a bond, note, or obligation:
(1) in one or more series; and
(2) payable from and secured by:
(A) a tax;
(B) an assessment;
(C) an impact fee;
(D) revenue;
(E) a grant or gift;
(F) a lease or contract; or
(G) a combination of resources listed in Paragraphs (A)-(F).

Terms Used In Texas Natural Resources Code 221.046

  • Contract: A legal written agreement that becomes binding when signed.
  • Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
  • Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
  • 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.

(c) In this section, “mitigation project participant” means an eligible political subdivision that seeks to:
(1) implement a project the unavoidable result of which would adversely affect wetland; and
(2) compensate for the loss of wetland acreage or wetland habitat value through participation in a mitigation bank.

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