Law:Title 9. Public Securities. Subtitle I. Specific Authority For Counties To Issue Securities from Chapter 1478. Additional Authority For Certain Coastal Counties To Issue Road Bonds (Texas)

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Subtitle I. Specific Authority For Counties To Issue Securities

Contents

Chapter 1478. Additional Authority For Certain Coastal Counties To Issue Road Bonds

Section  1478.001.  Applicability Of Chapter.

This chapter applies only to a county that:

(1)  is located on the Gulf of Mexico; and

(2)  has within its boundaries an island susceptible to development for recreational purposes for the use and benefit of the residents of the county.

Added by Acts 2001, 77th Leg., ch. 1420, Sec. 8.0211(a), eff. Sept. 1, 2001.



Section  1478.002.  Authority To Issue Road Bonds. A Coun

ty may issue and secure bonds in the manner provided by Chapter 284, Transportation Code, to construct, improve, and operate roads on an island described by Section 1478.001(2).

Added by Acts 2001, 77th Leg., ch. 1420, Sec. 8.0211(a), eff. Sept. 1, 2001.



Section  1478.003.  Bond Payments From Revenue And Taxes.

Bonds issued as provided by this chapter may be payable from:

(1)  tolls charged for use of the road;

(2)  taxes; or

(3)  a combination of tolls and taxes.

Added by Acts 2001, 77th Leg., ch. 1420, Sec. 8.0211(a), eff. Sept. 1, 2001.



Section  1478.004.  Election.

Unless the action is authorized by an election at which the question is submitted to the voters, a county may not:

(1)  issue bonds under this chapter, whether payable from taxes or revenue; or

(2)  spend county money in any manner in connection with or on a road project under this chapter.

Added by Acts 2001, 77th Leg., ch. 1420, Sec. 8.0211(a), eff. Sept. 1, 2001.



Section  1478.005.  Limitation On Declaring Certain Facilities Part Of State Highway System.

(a) Except as provided by Subsection (b), the Texas Transportation Commission may not declare to be a part of the state highway system and maintain and operate free of tolls a facility as to which a county has:

(1)  issued bonds under Chapter 284, Transportation Code, for a purpose authorized by that chapter and has secured the payment of those bonds by:

(A)  a pledge of the revenue to be derived from the operation of the facility; and

(B)  the levy of ad valorem taxes authorized by Section 52, Article III, Texas Constitution; and

(2)  issued bonds under this chapter for a purpose authorized by Section 1478.002 that are payable in whole or part from revenue.

(b)  Subsection (a) does not apply if:

(1)  the bonds issued under this chapter have been paid; or

(2)  an amount sufficient to pay the bonds issued under this chapter and interest on those bonds to maturity has been set aside for that purpose in a trust fund for the benefit of the bondholders.

Added by Acts 2001, 77th Leg., ch. 1420, Sec. 8.0211(a), eff. Sept. 1, 2001.


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