(a) An authority may issue negotiable notes payable from any of the authority’s sources of revenue to pay for any lawful expenditure, other than principal and interest on the authority’s debt.
(b) Notes issued by an authority shall be payable over a period not to exceed five years from the date of issuance.

(c) The Texas Commission on Environmental Quality is not required to approve notes issued under this section.
(d) An authority may not have outstanding notes in excess of $10 million at any one time.