"Adequate resources" as used in Texas Civil Statutes, Article 717k-3, §5 (partial refunding) is construed to mean:
- (1) any unencumbered current funds of the issuer, or of another party irrevocably and adequately guaranteed to be available to the issuer when needed, shown to be available in sufficient amounts to timely meet all remaining debt service requirements of the balance of the issue partially refunded;
- (2) any encumbered current funds appropriated to the debt service of the unrefunded part;
- (3) any self-liquidating project revenues appropriated and pledged by order or ordinance of the issuer supported by reliable projections of the anticipated net amount of such revenues through the life of the unrefunded balance; and
- (4) any combination of the foregoing.
Source Note:The provisions of this §53.18 adopted to be effective January 1, 1976.