BUSINESS AND OPERATIONS: Revenue Bonds [SAMPLE POLICY]
1. Revenue Bonds
The school may obtain funds to acquire, construct, enlarge, improve, repair, renovate, furnish, equip, maintain, acquire land for, lease, furnish and/or equip a classroom building, laboratory, science building, faculty or administrative office building, other facility used exclusively for the conduct of educational and administrative functions, or refinance any such facility with revenue bonds under the Texas Public Finance Authority and the Higher Education Authority Act.
2. Security
Bonds so issued shall be payable from and secured by a pledge of all or any part of the gross or net revenue to be derived from the operation of the facility or facilities, and any other revenues or assets pledged for the purpose. The bonds may be additionally secured by a mortgage or deed of trust on real property of the school, or by a chattel mortgage of the school’s personal property, or by both.