General and Special Laws of The State of Texas Passed By The Second Called Session of the Sixty-Eighth Legislature and the Regular Session of the Sixty-Ninth Legislature Page: 17
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68th LEGIS-2nd CALLED SESSION
the operation and maintenance of the project financed under this Act or the real property
conveyed under this Act.
(b) The orders or resolutions of the board authorizing the issuance of bonds may also prohibit
the further issuance of bonds or other obligations payable from the pledged revenue or may
reserve the right to issue additional bonds to be secured by a pledge of and payable from the
revenue on a parity with or subordinate to the lien and pledge in support of the bonds being
(c) The orders or resolutions of the board issuing bonds may contain other provisions and
covenants as the board may determine.
(d) The board may adopt and have executed any other proceedings or instruments necessary
and convenient in the issuance of bonds.
SECTION 16. APPROVAL BY ATTORNEY GENERAL; REGISTRATION BY COMP-
TROLLER. (a) The bonds issued by the board must be submitted to the attorney general for
(b) If the attorney general finds that the bonds have been authorized in accordance with law,
he shall approve them, and they shall be registered by the comptroller of public accounts.
(c) After the approval and registration of bonds, the bonds are incontestable in any court or
other forum for any reason and are valid and binding obligations in accordance with their terms
for all purposes.
SECTION 17. REFUNDING BONDS. (a) The board may issue bonds to refund all or any
part of its outstanding bonds issued under this Act, including matured but unpaid interest.
(b) The board may refund its bonds, notes, or other obligations as provided by the general
laws of the state for revenue bonds.
SECTION 18. BONDS ARE SECURITY FOR DEPOSITS. The bonds are eligible to
secure deposits of public funds of the state and cities, counties, school districts, and other
political subdivisions of the state. The bonds are lawful and sufficient security for deposits to the
extent of their face value when accompanied by all unmatured coupons, if any.
SECTION 19. BONDS AS INVESTMENTS. The bonds are legal and authorized invest-
(2) savings banks;
(3) trust companies;
(4) savings and loan associations;
(5) insurance companies;
(8) guardians; and
(9) sinking funds of cities, counties, school districts, and other political subdivisions of the
state and other public funds of the state and its agencies, including the permanent school fund.
SECTION 20. TAX STATUS OF BONDS. The bonds issued by the board, any transaction
relating to the bonds, and profits made in the sale of the bonds are free from taxation by the state
or by any city, county, special district, or other political subdivision of the state.
SECTION 21. OTHER POWERS. The board may:
(1) exercise, to the extent practicable, all powers given to a corporation under the general
laws of the state;
(2) have perpetual succession by its corporate name;
(3) sue and be sued in its corporate name;
(4) adopt a seal and use it as the board considers appropriate;
(5) accept gifts and donations; and
(6) adopt rules and perform all functions reasonably necessary for the board to administer its
functions prescribed by this Act.
SECTION 22. PRIOR APPROPRIATIONS. The appropriations made by Section 2,
Article II, Senate Bill 1355, Acts of the 68th Legislature, Regular Session, 1983, are validated,
ratified, and confirmed for the periods and purposes specified by that section.
SECTION 23. BOND PROCEEDS. On issuance of bonds necessary to finance the projects
authorized by this Act, the board shall certify to the State Purchasing and General Services
Commission and to the comptroller of public accounts that the funds are available and shall
deposit the bond proceeds in the state treasury to the account of the State Purchasing and
CH 5, SEC 23
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Texas. Legislature. General and Special Laws of The State of Texas Passed By The Second Called Session of the Sixty-Eighth Legislature and the Regular Session of the Sixty-Ninth Legislature, legislative document, 1985; [Austin, Texas]. (https://texashistory.unt.edu/ark:/67531/metapth221803/m1/21/: accessed May 25, 2019), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu; crediting UNT Libraries Government Documents Department.