Law:Title 9. Public Securities. Subtitle I. Specific Authority For Counties To Issue Securities from Chapter 1479. County Bonds For Facilities On (Texas)

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Subtitle I. Specific Authority For Counties To Issue Securities

Chapter 1479. County Bonds For Facilities On

STATE HIGHWAY SYSTEM


Section 1479.001.  Definition.

In this chapter, "state highway system" means the highways in this state included in the plan providing for a system of state highways prepared under Section 201.103, Transportation Code.

Added by Acts 2005, 79th Leg., Ch. 281, Sec. 2.91, eff. June 14, 2005.



Section 1479.002.  Authority To Issue Bonds.

(a) A county may issue bonds to provide funds for the design, development, financing, construction, maintenance, operation, extension, expansion, or improvement of a toll or nontoll project or facility on the state highway system located in the county or, as a continuation of the project or facility, in an adjacent county.

(b)  To provide for the payment of bonds issued under this section, a county may:

(1)  pledge revenue from any available source, including payments received under an agreement with the Texas Department of Transportation under Section 222.104, Transportation Code;

(2)  pledge, levy, and collect taxes subject to any  constitutional limitation; or

(3)  provide for a combination of Subdivisions (1) and (2).

(c)  Any election required to permit action under Subsection (b) must be held in conformance with the Election Code or other law applicable to the county.

(d)  A county that issues bonds under this section may exercise any of the rights and powers granted to the governing body of an issuer under Chapter 1371.

(e)  A bond issued under this section must mature not later than 40 years after its date of issuance.

(f)  This section is wholly sufficient authority for the issuance of bonds, the pledge of revenues, taxes, or any combination of revenues and taxes, and the performance of other acts and procedures authorized by this section by a county without reference to any other provision of law or any restriction or limitation contained in those provisions, except as specifically provided by this section.  To the extent of any conflict or inconsistency between this section and any other law, this section shall prevail and control.  A county may use any law not in conflict with this section to the extent convenient or necessary to carry out any power or authority, expressed or implied, granted by this section.

Added by Acts 2005, 79th Leg., Ch. 281, Sec. 2.91, eff. June 14, 2005.


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