Texas Transportation Code 54.154 – Terms of Issuance of Revenue Refunding Obligations
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(a) Revenue refunding obligations may:
(1) be combined with new or original revenue obligations into one series or issue;
(2) be issued to refund obligations of more than one series or issue;
(3) combine the pledges securing the obligations to be refunded to secure the revenue refunding obligations; or
(4) be secured by a pledge of other or additional net revenue.
(b) A revenue refunding obligation may bear interest at a rate higher than that of the obligation to be refunded.
Terms Used In Texas Transportation Code 54.154
- 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.