Law:Title 9. Public Securities. Subtitle H. Specific Authority For More Than One Type Of Local Government To Issue Securities from Chapter 1435. Bonds For Parks And Fairground Facilities In Certain Municipalities And Counties (Texas)

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Subtitle H. Specific Authority For More Than One Type Of Local Government To Issue Securities

Contents

Chapter 1435. Bonds For Parks And Fairground Facilities In Certain Municipalities And Counties

Subchapter A. General Provisions

Section  1435.001.  Applicability Of Chapter; Joint Municipal And County Action.

(a) This chapter applies only to:

(1)  a municipality with a population greater than 550,000;

(2)  a county with a population greater than 550,000; or

(3)  a municipality described by Subdivision (1) and a county described by Subdivision (2) acting together.

(b)  A provision of this chapter that applies to a municipality or county also applies to a municipality and county acting together.

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



Section  1435.002.  Definition.

In this chapter, "park facility" means a building, improvement, or structure owned by a municipality or county and used in a municipal or county park or fairground for exhibits, concessions, or entertainment.

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



Section  1435.003.  Authority For Park Facilities.

A municipality or county may:

(1)  construct, acquire, repair, improve, or enlarge a park facility; or

(2)  acquire additional land, if needed, for a park facility.

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



Section  1435.004.  Lease Or Contract For Operation Of Park Facilities.

A municipality or county may enter a lease or contract for the operation of one or more of its park facilities.

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



Subchapter B. Bonds

Section  1435.051.  Authority To Issue Revenue Bonds.

(a) To obtain money for a purpose described by Section 1435.003, the governing body of a municipality or county may, without an election, issue revenue bonds payable from and secured by a pledge of the net revenue from one or more of its park facilities or from leases of or contracts for the operation of the park facilities.

(b)  A bond issued under this chapter must state on its face substantially the following: "The holder of this bond is not entitled to demand payment of this bond out of money raised by taxation."

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



Section  1435.052.  Maturity.

A bond issued under this chapter must mature within 40 years.

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



Section  1435.053.  Duty Of Governing Body.

While the bonds are outstanding, the governing body of the municipality or county shall:

(1)  enforce each lease or contract entered under Section 1435.004 and impose adequate fees, charges, and rentals to assure payment of the principal of and interest on the bonds as they become due; and

(2)  establish and maintain the funds as provided by the ordinance authorizing the issuance of the bonds.

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



Section  1435.054.  Execution Of Bonds.

The bonds shall be executed as provided by law for municipal bonds.

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


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