81st Texas Legislature, Senate Bill 2515, Chapter 1397 Page: 19 of 23
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S.B. No. 2515
1 from one or more of the sources described by Subdivisions (1)-(4)
2 [()--(5)] of this subsection.
3 (d) The board of directors or an officer or employee of the
4 district to whom the board delegates authority may sell a district
5 public security at a public or private sale in the form, at the
6 price, on the terms and conditions, at the interest rate or rates,
7 whether fixed, variable, floating, adjustable, or otherwise, as the
8 board determines appropriate. The net effective interest rate of
9 the public securities under this section may not exceed the maximum
10 rate allowed by law.
11 (e) The board may secure a district public security with a
12 security agreement, credit agreement, or both, with the security
13 interest or interests, other than a mortgage interest in real
14 property, and with the parity or priority of pledge and lien as the
15 board determines appropriate.
16 (f) In this section:
17 (1) "Public security" has the meaning assigned by
18 Section 1201.002, Government Code.19 (2) "Credit agreement," "security agreement," and
20 "security interest" have the meanings assigned by Section 1208.001,
21 Government Code.
22 SECTION 11. (a) The legislature ratifies and confirms all
23 governmental acts and proceedings of The Woodlands Township and its
24 board and of The Woodlands Township Economic Development Zone and
25 its governing body before the effective date of this Act, in:
26 (1) calling, holding, conducting, and declaring the
27 results of the confirmation and tax election held in the district on19
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Texas. Legislature. Senate. 81st Texas Legislature, Senate Bill 2515, Chapter 1397, legislative document, June 19, 2009; [Austin, Texas]. (https://texashistory.unt.edu/ark:/67531/metapth149596/m1/19/: accessed April 26, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu; crediting UNT Libraries Government Documents Department.