Texas Water Code 20.102 – Conditions for Issuance of Bonds
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(a) Bonds may be issued as various series and issues.
(b) Bonds issued by the authority may mature serially or otherwise not later than 50 years after the date on which they are issued.
Terms Used In Texas Water Code 20.102
- Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
(c) The bonds may bear interest at a rate or rates determined in accordance with the resolution or order authorizing the issuance of the bonds but not to exceed the net effective interest rate authorized by Chapter 1204, Government Code.
(d) Rates of interest on bonds may be fixed, variable, floating, adjustable, or otherwise.