A sponsor may sell its sponsor obligations to a corporation that the sponsor has created at public or private sale on the terms the governing body of the sponsor determines.
Tex. Loc. Gov't Code § 303.078
PURCHASE OF SPONSOR OBLIGATIONS
Known as the Public Facility Corporation Act
The act spans §§ 303.001 to 303.124 (56 sections).
Added by Acts 1999, 76th Leg., ch. 227, Sec. 11, eff
Official source: Texas Constitution and Statutes. Reproduced from public-domain Texas statutes; confirm against the official source for the current text. Not legal advice.