Terms of Issuance of Revenue Refunding Obligations

Sec. 54.154. TERMS OF ISSUANCE OF REVENUE REFUNDING OBLIGATIONS. (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. Added by Acts 1999, 76th Leg., ch. 227, Sec. 20, eff. Sept. 1, 1999.