(a) In a public security resolution, the board may:
- (1) provide for the flow of funds and the establishment, maintenance, and investment of funds and special accounts with regard to the public securities, including an interest and sinking fund account, a reserve account, and other accounts; and
- (2) make additional covenants with regard to the public securities and the designated income and receipts of the association pledged to the payment of the public securities.
- (b) The association shall administer the accounts in accordance with this chapter.
Added by Acts 2005, 79th Leg., Ch. 727 (H.B. 2017), Sec. 2, eff. April 1, 2007.