Title WA, Water Code

Sec. 20.013. COMPENSATION; REIMBURSEMENT. The directors are not entitled to receive compensation for their service on the board but are entitled to be reimbursed for their expenses in performing their powers and duties under this chapter. Added by Acts 1987, 70th Leg., ch. 728, S…

Sec. 20.014. ORGANIZATION OF BOARD. (a) The board shall select from its membership one person to serve as chairman and one person to serve as vice-chairman. (b) The person selected as chairman shall preside at meetings of the board and perform other duties directed by the board, …

Sec. 20.015. BOARD MEETINGS. (a) The board shall hold regular meetings at times provided by its rules and shall meet at least once each calendar year. (b) The board may hold special meetings at the call of the chairman or on request of a majority of the directors. Added by Acts 1…

Sec. 20.016. RULES AND RESOLUTIONS. The board may adopt rules that are necessary to carry out this chapter and may take official action by adoption of a resolution or order. Added by Acts 1987, 70th Leg., ch. 728, Sec. 1, eff. June 20, 1987.

Sec. 20.017. LIABILITY. A director or officer of the authority is not liable for any bonds issued or contracts executed by the authority. Added by Acts 1987, 70th Leg., ch. 728, Sec. 1, eff. June 20, 1987.

Sec. 20.018. GENERAL FISCAL AUTHORITY. The board may acquire, hold, invest and reinvest in authorized investments, deposit, use, and dispose of the authority's revenues, income, receipts, funds, and money from every source and may select its depository or depositories, inside or …

Sec. 20.019. PROPERTY TAX EXEMPT. (a) The property of the authority, its income, and its operations are exempt from all taxes and assessments imposed by the state and political subdivisions on property acquired or used by the authority under this chapter. (b) If the authority is …

Sec. 20.020. FISCAL YEAR; ANNUAL AUDIT. (a) The authority shall operate on a fiscal year beginning September 1. (b) The state auditor may audit the authority's books and accounts, based on a risk assessment performed by the state auditor and subject to the legislative audit commi…

Sec. 20.021. AUTHORITY EXPENSES. (a) Expenses incurred by the authority under this Act shall be paid solely from revenues or funds provided or to be provided under this chapter. (b) This chapter may not be construed to authorize the authority to incur any indebtedness or liabilit…

Sec. 20.022. SUITS. The authority may sue and be sued in the courts of this state in the name of the authority, and the courts shall take judicial notice of the creation of the authority. Added by Acts 1987, 70th Leg., ch. 728, Sec. 1, eff. June 20, 1987.

Sec. 20.023. SEAL. The board may adopt a seal for the authority. Added by Acts 1987, 70th Leg., ch. 728, Sec. 1, eff. June 20, 1987. SUBCHAPTER C. POWERS AND DUTIES

Sec. 20.041. GENERAL POWERS AND DUTIES. The authority may exercise any authority necessary or appropriate to carry out the purposes of this chapter. Added by Acts 1987, 70th Leg., ch. 728, Sec. 1, eff. June 20, 1987.

Sec. 20.042. GIFTS, GRANTS, ETC. The board may request and accept for the authority grants, allocations, subsidies, guaranties, aid, contributions, services, labor, materials, gifts, and donations. Added by Acts 1987, 70th Leg., ch. 728, Sec. 1, eff. June 20, 1987.

Sec. 20.043. CONTRACTS. The board on behalf of the authority may enter into contracts with any person to carry out this chapter. Added by Acts 1987, 70th Leg., ch. 728, Sec. 1, eff. June 20, 1987.

Sec. 20.044. PURCHASE OF INSURANCE. The board may purchase for the authority and pay premiums on insurance of any type, in any amounts, and from any insurers the board considers advisable. Added by Acts 1987, 70th Leg., ch. 728, Sec. 1, eff. June 20, 1987.

Sec. 20.045. CONTRACTS WITH DEVELOPMENT BOARD. The authority may enter into contracts with the development board and with consultants as necessary to perform the functions provided by this chapter. Added by Acts 1987, 70th Leg., ch. 728, Sec. 1, eff. June 20, 1987. SUBCHAPTER D. …

Sec. 20.071. PURCHASE OF POLITICAL SUBDIVISION BONDS. The board may purchase political subdivision bonds including bonds that are acquired or owned by the development board. Added by Acts 1987, 70th Leg., ch. 728, Sec. 1, eff. June 20, 1987.

Sec. 20.072. ACQUISITION OF CERTAIN DEVELOPMENT BOARD BONDS. If the board agrees to purchase political subdivision bonds from the development board that have not been purchased by the development board at the time of the agreement, the board may pay the purchase price for those b…

Sec. 20.073. PRICE AND TERMS OF PURCHASE. The board shall purchase political subdivision bonds at prices and under terms the board determines to be reasonable. Added by Acts 1987, 70th Leg., ch. 728, Sec. 1, eff. June 20, 1987.

Sec. 20.074. REVENUE BONDS. (a) The board may issue revenue bonds in the name of the authority to finance the cost of acquisition of political subdivision bonds and to pay the cost of bond issuance. (b) The board may provide for payment of the premium, principal of, and interest …

Sec. 20.075. CONTRACT FOR OBTAINING COMPLIANCE WITH POLITICAL SUBDIVISION BONDS. The board shall enter into a contract with the development board for the development board to perform the functions required to ensure that the political subdivisions pay the debt service on politica…

Sec. 20.076. ENFORCEMENT OF POLITICAL SUBDIVISION BONDS. (a) If there is a default in the payment of principal of or interest on political subdivision bonds purchased by the authority or any other default as defined in the proceedings or indentures authorizing the issuance of the…

Sec. 20.101. ISSUANCE OF BONDS. For the issuance of bonds under this chapter, the board may exercise the authority granted to the governing body of an issuer with regard to issuance of obligations under Chapter 1371, Government Code, to the extent that it is not inconsistent with…

Sec. 20.102. CONDITIONS FOR ISSUANCE OF BONDS. (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. (c) The bonds may bear interest at a rate or ra…

Sec. 20.103. PERIODIC DETERMINATION OF INTEREST. A bond resolution or order may provide for the periodic determination of interest rates without the board being required to give specific approval. Added by Acts 1987, 70th Leg., ch. 728, Sec. 1, eff. June 20, 1987.

Sec. 20.104. PERSONS DESIGNATED TO ACT AS AGENTS OF BOARD. (a) A bond resolution or order may delegate to one or more officers, employees, or agents designated by the board authority to act on behalf of the board during the time bonds are outstanding to fix dates, prices, interes…

Sec. 20.105. SECURITY QUALIFICATIONS. The board may take any action necessary to qualify the authority bonds for offer and sale under the securities laws and regulations of the United States, this state, and other states of the United States. Added by Acts 1987, 70th Leg., ch. 72…

Sec. 20.106. INVESTMENT SECURITIES. The bonds and any interest coupons are investment securities under Chapter 8, Business & Commerce Code, and may be issued registrable as to principal or as to both principal and interest or may be made redeemable before maturity at the option o…

Sec. 20.107. FORM OF BONDS. (a) The authority's bonds may be issued in the form, denominations, and manner and under the terms, conditions, and details as provided by the board in the resolution or order authorizing their issuance. (b) The bonds shall be signed and executed as pr…

Sec. 20.108. FUNDS. (a) In the resolution or order authorizing issuance of bonds, the board may make additional covenants with respect to the bonds and the pledged revenues and may provide for the flow of funds and the establishment, maintenance, and investment of funds. (b) The …

Sec. 20.109. RESOLUTIONS, ORDERS, ETC. (a) The resolutions or orders authorizing the bonds may 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 …

Sec. 20.110. APPROVAL OF ATTORNEY GENERAL. The bonds issued under this chapter are subject to review and approval by the attorney general in the same manner and with the same effect as provided by Chapter 1371, Government Code. Added by Acts 1987, 70th Leg., ch. 728, Sec. 1, eff.…

Sec. 20.111. BOND REVIEW BOARD. (a) Bonds may not be issued under this section unless the issuance has been reviewed and approved by the bond review board. The bond review board is composed of: (1) the governor; (2) the lieutenant governor; (3) the speaker of the house of represe…

Sec. 20.112. REFUNDING BONDS. (a) The board may issue refunding bonds to refund all or part of its outstanding bonds issued under this chapter, including matured but unpaid interest. (b) The board may refund bonds in the manner provided by general law for revenue bonds. Added by …

Sec. 20.113. ELIGIBLE SECURITY. 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 valu…

Sec. 20.114. LEGAL INVESTMENTS. The bonds are legal and authorized investments for: (1) banks; (2) savings banks; (3) trust companies; (4) savings and loan associations; (5) insurance companies; (6) fiduciaries; (7) trustees; (8) guardians; and (9) sinking funds of cities, counti…

Sec. 20.115. TAX EXEMPT. Since the authority is performing an essential governmental function in the exercise of the powers conferred on it by this chapter, the bonds issued under this Act, and the interest and income from the bonds, including any profit made on the sale of bonds…

Sec. 20.116. PLEDGE OF STATE FAITH AND CREDIT; COVENANT WITH OWNERS OF BONDS. (a) The authority's bonds are obligations solely of the authority and are payable solely from funds of the authority, and this chapter and the authority's bonds are not and do not create or constitute a…

Sec. 20.117. ENFORCEMENT BY MANDAMUS. A writ of mandamus and all other legal and equitable remedies are available to any party at interest to require the authority and any other party to carry out agreements and to perform functions and duties under this chapter, the Texas Consti…