(a) A board by resolution may issue in the name of the board, with the consent of the governing body of the municipality:
(1) obligations payable from revenue in the manner provided by this chapter to provide money for a port improvement or facility or to refund previously issued obligations;
(2) expense warrants drawn against the revenue of the board to pay expenses during the fiscal year of the board in which the warrants are issued; or
(3) certificates of participation in contractual obligations to pay money.
(b) Notwithstanding any other provision of this chapter, a board may issue obligations only if the governing body of the municipality by ordinance approves the issuance.
Official text of the Texas Transportation Code as published by the Texas Legislative Council.