Texas Natural Resources Code 62.132 – Formal Requirements of Bonds
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(a) The bonds may be issued by resolution adopted by the board without the necessity of an election.
(b) The bonds may be issued in the name of the board in one or more installments or series and shall mature serially or otherwise within 40 years from their date or dates.
Terms Used In Texas Natural Resources Code 62.132
- Lien: A claim against real or personal property in satisfaction of a debt.
- Signature: includes the mark of a person unable to write, and "subscribe" includes the making of such a mark. See Texas Government Code 312.011
- Signed: includes any symbol executed or adopted by a person with present intention to authenticate a writing. See Texas Government Code 311.005
(c) The bonds shall be issued on the terms and conditions, with regard to the security, manner, place, and time of payment, pledge of designated revenue, redemption before maturity, and the issuance of additional parity or junior lien bonds, that the board specifies in the resolution or resolutions authorizing the bonds.
(d) The bonds shall be executed by the chairman and secretary of the board and shall be signed by the chairman and secretary or shall bear the facsimile signature of either or both.
(e) The bonds shall display the seal of the board, which may be impressed, printed, or lithographed on the bonds.