Untitled Texas Attorney General Opinion

OFFICE OF THE AlT’ORNEY GENERAL OF TEXAS AUSTIN iionorabl~ C. Ii. Caraeu state Auditor Auatla, TaAr ination or r*venkwa at ot adoquatr ront.8, pey prlncipd ana intar- l a h a ll b e r a g la ta r e4 in adtio. m rhatlmr or not tha aboto rtatut8 ropuiroa y 41pp-0~~101 all 8 108uud by the Board oi kegunta of the Ytate Taaohera' Collogom u&or the authority of Arti- a10 1gO36, or my other statute lth o r ir la t&m g ir- Iuaaoe of ?OVOPUO boa&r othrr than Artlola 8909a. "If thm abort quoted 8tstutr rrquinr my approval or rowum bonde under lny or all or tha 8tmtutoa wMmyisin(r of mv8nue bondr, tha lamanor lema adrim Or upon what lniorvtion I rhall rely ftn dotrrdaiAi$ rhrthur tlu rev~num *show a ruaonablo prmert of daquato Nat8, laoom, tow or ohargem' Lm ,:. ..“ 330 Honorable 0. 8. OPTLL~III, pag8 8 to pay prinoipal and iBtere8t on tha bondr. Where rovoaue bond8 ara 1Sru8d for the oon8truotioa o? a BOW do?mitory or oth8r faoillt~, th8?8 la no rooord 0r r8r8nue8 ior ma to lxaaiao and the only lxaalna- tiOn that I: 086 R8kO i8 &WO8pMtiVO lNVOBU88. UBdO? the rtatuta, plea80 adV188 m8 ii I may lagally ap- proro the irruanoa of rwenu8 bond8 baaed upon my lX8d.B a tiO OtB l8tifMt.8 flUB18h.d by th8 BU8iU888 Managa? of tha ooll8g8 in~olrod and oi the arohltrot in ohargr OS ths pro500t.a &plying to the above, you arm Adti8Oa that it 18 ou? oplnlon that the quoted language iron 8OOtiOB 'Iof A?tlOl8 29098 applier only to the bond8 188Uad pur8uant to tho pror181onr ot that a?tiole, othorw188 we should hare to hold that it applied to bOBd8 188~86 by the rweral River Authorltier, to rutemu bond8 188ued by OitiO8 and tOWI and to fuV.nuO bonds 188Ued by any politioal rubdiririon authorleed to 188~ rovenuo bondr. Art1018 ZOO98 18 the only artlolr rhloh authoris Board8 ot ROgSnt8 to 8UpplCm8nt th8 pledged iBoOm from looal WdS of thr Collage in oa8e8 of lniergenoy,, and it eridrntly wa8 for thr ptuposo o? protooting auoh looal fund8 that the prOVi8iOB requiring th8 Stat8 Auditor to approro 881~8*'aitSra nlX8dM tiOB of r8mnue8 rhloh 8h0W a rearonabl8 prorpeot oi adSquat rentl, lnooma, ie88 or oharge8 to par prinoipal and 1Bterert* War 1B8erted fn the law. We think tou may legally lpprov8 re?enuo bond8 baa86 upon your 8xamination o? OStiUUlte8 fWl8hed by the BU81- BOBI Wage? of the oollage lnrolred and of the arohiteot In ohargo of the projrot in the ab8eaor oi anr maeonable doubt a8 to th8 OolT8OtB8S8 Oi 8UOh OItiMt88. U’TORWEY OJLWElULOF TEXAS 0. r. GlbSOB A88i8tMt