Law:Title 9. Public Securities. Subtitle E. Provisions Applicable To Securities Issued By Municipalities (Texas)

From Law Delta

Jump to: navigation, search

Subtitle E. Provisions Applicable To Securities Issued By Municipalities

Contents

Chapter 1331. Municipal Bonds

Subchapter A. General Provisions

Section  1331.001.  Authority Of Municipality To Issue Bonds.

A municipality may issue bonds payable from ad valorem taxes in the amount it considers expedient to:

(1)  construct or purchase permanent improvements inside the municipal boundaries, including public buildings, waterworks, or sewers;

(2)  construct or improve the streets and bridges of the municipality; or

(3)  construct or purchase building sites or buildings for the public schools and other institutions of learning inside the municipality, if the municipality has assumed exclusive control of those schools and institutions.

Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999. Amended by Acts 1999, 76th Leg., ch. 1064, Sec. 13, eff. Sept. 1, 1999.



Section  1331.002.  Signatures.

Bonds issued by a municipality under Section 1331.001 must be signed in the manner provided by the proceedings authorizing the issuance of the bonds.

Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999. Amended by Acts 1999, 76th Leg., ch. 1064, Sec. 14, eff. Sept. 1, 1999.



Subchapter B. Provisions Applicable To Certain Municipalities

Section  1331.051.  Limitation On Bonded Debt: Municipality With Population Of 600,000 Or More.

(a) This section applies only to a municipality with a population of 600,000 or more.

(b)  The municipality, through the issuance of bonds payable from taxes, may incur total bonded debt in an amount not to exceed 10 percent of the total appraised value of property listed on the most recent appraisal roll for the municipality notwithstanding that the municipal charter limits the total dollar amount of bonded debt to a lesser amount.

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



Section  1331.052.  Authority Of Home-rule Municipality To Issue Bonds.

(a) A home-rule municipality may issue bonds on the credit of the municipality to make permanent public improvements or for another public purpose in the amount and to the extent provided by its charter.

(b)  A home-rule municipality may not issue bonds under this section unless the bonds have been authorized by a majority of the qualified voters of the municipality voting at an election held for that purpose.

(c)  If a municipality was authorized under a special charter granted before June 30, 1913, to issue bonds, this section may not be construed as interfering with the issuance of bonds under that charter.

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



Section  1331.053.  Bond Sale Advertisement By Certain Home-rule Municipalities.

To receive competitive bids on the interest rate paid and the amount of the premium, the governing body of a municipality the charter of which requires that municipal bonds be advertised for sale after the bonds have been authorized and issued must advertise the bonds for sale and receive bids for the sale before adopting an ordinance authorizing the issuance of the bonds.

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


Personal tools
Laws
Variants
Actions
Navigation
Toolbox