1. (a) Bonds issued under this subchapter must mature serially or otherwise not more than 40 years after they are issued. The bonds may:

   1. (1) be sold at a price and under terms that the commissioners court considers the most advantageous reasonably obtainable; and
   2. (2) be made callable before maturity at times and prices prescribed in the order authorizing the bonds.
2. (b) The bonds may not bear interest at a rate greater than that allowed by Chapter 1204, Government Code.

Acts 1989, 71st Leg., ch. 678, Sec. 1, eff. Sept. 1, 1989.

Amended by Acts 2001, 77th Leg., ch. 1420, Sec. 8.263, eff. Sept. 1, 2001.