Law:Title 9. Public Securities. Subtitle C. Provisions Applicable To Securities Issued By More Than One Type Of Local Government (Texas)

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Subtitle C. Provisions Applicable To Securities Issued By More Than One Type Of Local Government

Contents

Chapter 1251. Bond Elections

Section  1251.001.  Bond Election Required.

A county or municipality may not issue bonds that are to be paid from ad valorem taxes unless the issuance is first approved by the qualified voters of the county or municipality in an election.

Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999.



Section  1251.002.  Contents Of Proposition.

The proposition submitted in the election must distinctly state:

(1)  the purpose for which the bonds are to be issued;

(2)  the amount of the bonds;

(3)  the rate of interest;

(4)  the imposition of taxes sufficient to pay the annual interest on the bonds and to provide a sinking fund to redeem the bonds at maturity; and

(5)  the maturity date of the bonds or that the bonds may be issued to mature serially over a specified number of years not to exceed 40.

Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999.



Section  1251.003.  Conduct Of Election.

(a) The general election laws govern the election except as provided by this section.

(b)  The order for the election must include the location of each polling place and the hours that the polls will be open.

(c)  The election shall be held not less than 15 days nor more than 90 days from the date of the election order, subject to Section 41.001(b), Election Code.

(d)  In addition to the notice required by Section 4.003(c), Election Code, notice of the election shall be given by:

(1)  posting a substantial copy of the election order at:

(A)  three public places in the county or municipality holding the election; and

(B)  the county courthouse, if the election is a county election, or the city hall, if the election is a municipal election; and

(2)  publishing notice of the election in a newspaper of general circulation published in the county or municipality holding the election.

(e)  The notice required by Subsection (d)(2) must be published on the same day in each of two successive weeks. The first publication must be not less than 14 days before the date of the election.

(f)  To the extent of a conflict between this section and a municipal charter, this section controls.

Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999.



Section  1251.004.  Imposition Of Tax.

At an election ordered on the issuance of bonds of a county or municipality, or of a political subdivision or defined district of a county or municipality, the governing body of the county or municipality shall also submit the question of whether to impose a tax on property in the county, municipality, political subdivision, or defined district to pay interest on the bonds and to provide a sinking fund to redeem the bonds.

Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999.



Section  1251.005.  Ballot Proposition.

At the election, the ballots shall be printed to permit voting for or against the proposition: "The issuance of bonds."

Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999.



Section  1251.006.  Certain Bonds Exempted. (a) Sec

tions 1251.001, 1251.002, and 1251.004 do not apply to:

(1)  refunding bonds of a county or municipality; or

(2)  bonds issued in an amount less than $2,000 to repair a building or structure that may be built using the proceeds of bonds.

(b)  If bonds described by Subsection (a)(2) are issued, the aggregate principal amount of those bonds may not exceed $2,000 in a calendar year.

Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999.


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