Nonnegotiable Purchase Money Notes

Sec. 163.067. NONNEGOTIABLE PURCHASE MONEY NOTES. (a) The agency may issue nonnegotiable purchase money notes to acquire land or fuel resources. (b) Nonnegotiable purchase money notes are: (1) payable in installments; (2) secured by the property acquired with the notes or other collateral the agency substitutes; and (3) not a security or agency obligation. (c) Nonnegotiable purchase money notes may be further secured by a promise to issue bonds or bond anticipation notes to pay the purchase money notes. Acts 1997, 75th Leg., ch. 166, Sec. 1, eff. Sept. 1, 1997.