Law:Title 9. Public Securities. Subtitle I. Specific Authority For Counties To Issue Securities from Chapter 1476. Certificates Of Indebtedness In Counties With Population Of More Than 1.5 Million (Texas)

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Subtitle I. Specific Authority For Counties To Issue Securities

Contents

Chapter 1476. Certificates Of Indebtedness In Counties With Population Of More Than 1.5 Million

Section  1476.001.  Applicability Of Chapter.

(a) This chapter applies only to a county with a population of more than 1.5 million.

(b)  If certificates of indebtedness were not issued under this chapter by January 1, 1980, this chapter has no effect.

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



Section  1476.002.  Authority To Issue Certificates Of Indebtedness For Certain Purposes.

A county may issue certificates of indebtedness:

(1)  in an amount not to exceed $2 million to construct, enlarge, furnish, equip, or repair a county building or other permanent improvement; or

(2)  in an amount not to exceed $3.5 million to:

(A)  purchase right-of-way in participation with the Texas Department of Transportation in connection with a designated state highway; or

(B)  construct a curb, gutter, or drainage facility for a designated state highway.

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



Section  1476.003.  Authorization Of Certificates Of Indebtedness By Commissioners Court.

Certificates of indebtedness issued under this chapter must be authorized by order of the commissioners court of the county.

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



Section  1476.004.  Execution; Registration By County Treasurer.

A certificate of indebtedness issued under this chapter must be:

(1)  signed by the county judge;

(2)  attested by the county clerk; and

(3)  registered by the county treasurer.

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



Section  1476.005.  Cash Sale.

A county shall sell certificates of indebtedness issued under this chapter for cash.

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



Section  1476.006.  Maturity.

A certificate of indebtedness issued under this chapter must mature not later than 35 years after its date.

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


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