1. (a) The agency may issue nonnegotiable purchase money notes to acquire land or fuel resources.

2. (b) Nonnegotiable purchase money notes are:

   1. (1) payable in installments;
   2. (2) secured by the property acquired with the notes or other collateral the agency substitutes; and
   3. (3) not a security or agency obligation.
3. (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.