State Codes and Statutes

Statutes > Texas > Government-code > Title-9-public-securities > Chapter-1301-county-bonds

GOVERNMENT CODE

TITLE 9. PUBLIC SECURITIES

SUBTITLE D. PROVISIONS APPLICABLE TO SECURITIES ISSUED BY

COUNTIES

CHAPTER 1301. COUNTY BONDS

Sec. 1301.001. ISSUANCE AND AUTHORIZATION. (a) The

commissioners court of a county may issue bonds authorized under

Subtitle A and Chapter 1251 to:

(1) build a county courthouse or jail;

(2) purchase suitable sites in the county and to construct

buildings on the sites for homes or schools for dependent or

delinquent children;

(3) establish county facilities for needy or indigent persons in

the county;

(4) purchase and construct bridges for public purposes in the

county or to cross a stream serving as the county's boundary

line; or

(5) improve and maintain the public roads in the county.

(b) The commissioners court may issue bonds only if a majority

of the voters at an election to authorize bonds vote in favor of

the proposition to authorize the bonds.

(c) Bonds to purchase or construct a bridge and to improve and

maintain a public road may be submitted by the commissioners

court and voted on as one proposition.

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

1999.

Sec. 1301.002. SIGNATURES; REGISTRATION BY COUNTY TREASURER.

(a) Before delivery, a bond issued under this chapter must be:

(1) signed by the county judge;

(2) countersigned by the county clerk; and

(3) registered by the county treasurer.

(b) The county treasurer shall keep an account of the amount of

principal and interest paid on each bond.

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

1999.

Sec. 1301.003. LIMITS ON ISSUANCE OF BONDS. (a) The amounts of

bonds issued under this chapter may not exceed:

(1) for courthouse bonds, two percent of the county's taxable

values;

(2) for jail bonds, 1-1/2 percent of the county's taxable

values;

(3) for joint courthouse and jail bonds, 3-1/2 percent of the

county's taxable values; and

(4) for bridge bonds, 1-1/2 percent of the county's taxable

values.

(b) In determining the amount of the respective type of bonds to

be issued, previous debt incurred for the same purpose as the

bonds shall be considered.

(c) A county's total indebtedness for the purposes described by

this chapter may not be increased by the issuance of bonds to an

amount that exceeds five percent of the county's taxable values.

(d) The county's taxable values are according to the most recent

appraisal roll.

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

1999.

Sec. 1301.004. PAYMENT OF INTEREST AND CREATION OF SINKING FUND.

(a) Taxes imposed to pay the interest on bonds issued under

this chapter and to create a sinking fund for the redemption of

those bonds may not exceed:

(1) 25 cents per $100 valuation for courthouse or jail bonds;

and

(2) 15 cents per $100 valuation for bridge or road and bridge

bonds.

(b) If the principal of and all interest on bonds issued under

this chapter are fully paid and a surplus not exceeding $1,000

remains in the sinking fund, the surplus may be used by the

county to maintain and repair the courthouse, jail, roads, or

bridges of the county, as determined by the commissioners court.

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

1999.

State Codes and Statutes

Statutes > Texas > Government-code > Title-9-public-securities > Chapter-1301-county-bonds

GOVERNMENT CODE

TITLE 9. PUBLIC SECURITIES

SUBTITLE D. PROVISIONS APPLICABLE TO SECURITIES ISSUED BY

COUNTIES

CHAPTER 1301. COUNTY BONDS

Sec. 1301.001. ISSUANCE AND AUTHORIZATION. (a) The

commissioners court of a county may issue bonds authorized under

Subtitle A and Chapter 1251 to:

(1) build a county courthouse or jail;

(2) purchase suitable sites in the county and to construct

buildings on the sites for homes or schools for dependent or

delinquent children;

(3) establish county facilities for needy or indigent persons in

the county;

(4) purchase and construct bridges for public purposes in the

county or to cross a stream serving as the county's boundary

line; or

(5) improve and maintain the public roads in the county.

(b) The commissioners court may issue bonds only if a majority

of the voters at an election to authorize bonds vote in favor of

the proposition to authorize the bonds.

(c) Bonds to purchase or construct a bridge and to improve and

maintain a public road may be submitted by the commissioners

court and voted on as one proposition.

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

1999.

Sec. 1301.002. SIGNATURES; REGISTRATION BY COUNTY TREASURER.

(a) Before delivery, a bond issued under this chapter must be:

(1) signed by the county judge;

(2) countersigned by the county clerk; and

(3) registered by the county treasurer.

(b) The county treasurer shall keep an account of the amount of

principal and interest paid on each bond.

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

1999.

Sec. 1301.003. LIMITS ON ISSUANCE OF BONDS. (a) The amounts of

bonds issued under this chapter may not exceed:

(1) for courthouse bonds, two percent of the county's taxable

values;

(2) for jail bonds, 1-1/2 percent of the county's taxable

values;

(3) for joint courthouse and jail bonds, 3-1/2 percent of the

county's taxable values; and

(4) for bridge bonds, 1-1/2 percent of the county's taxable

values.

(b) In determining the amount of the respective type of bonds to

be issued, previous debt incurred for the same purpose as the

bonds shall be considered.

(c) A county's total indebtedness for the purposes described by

this chapter may not be increased by the issuance of bonds to an

amount that exceeds five percent of the county's taxable values.

(d) The county's taxable values are according to the most recent

appraisal roll.

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

1999.

Sec. 1301.004. PAYMENT OF INTEREST AND CREATION OF SINKING FUND.

(a) Taxes imposed to pay the interest on bonds issued under

this chapter and to create a sinking fund for the redemption of

those bonds may not exceed:

(1) 25 cents per $100 valuation for courthouse or jail bonds;

and

(2) 15 cents per $100 valuation for bridge or road and bridge

bonds.

(b) If the principal of and all interest on bonds issued under

this chapter are fully paid and a surplus not exceeding $1,000

remains in the sinking fund, the surplus may be used by the

county to maintain and repair the courthouse, jail, roads, or

bridges of the county, as determined by the commissioners court.

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

1999.


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State Codes and Statutes

Statutes > Texas > Government-code > Title-9-public-securities > Chapter-1301-county-bonds

GOVERNMENT CODE

TITLE 9. PUBLIC SECURITIES

SUBTITLE D. PROVISIONS APPLICABLE TO SECURITIES ISSUED BY

COUNTIES

CHAPTER 1301. COUNTY BONDS

Sec. 1301.001. ISSUANCE AND AUTHORIZATION. (a) The

commissioners court of a county may issue bonds authorized under

Subtitle A and Chapter 1251 to:

(1) build a county courthouse or jail;

(2) purchase suitable sites in the county and to construct

buildings on the sites for homes or schools for dependent or

delinquent children;

(3) establish county facilities for needy or indigent persons in

the county;

(4) purchase and construct bridges for public purposes in the

county or to cross a stream serving as the county's boundary

line; or

(5) improve and maintain the public roads in the county.

(b) The commissioners court may issue bonds only if a majority

of the voters at an election to authorize bonds vote in favor of

the proposition to authorize the bonds.

(c) Bonds to purchase or construct a bridge and to improve and

maintain a public road may be submitted by the commissioners

court and voted on as one proposition.

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

1999.

Sec. 1301.002. SIGNATURES; REGISTRATION BY COUNTY TREASURER.

(a) Before delivery, a bond issued under this chapter must be:

(1) signed by the county judge;

(2) countersigned by the county clerk; and

(3) registered by the county treasurer.

(b) The county treasurer shall keep an account of the amount of

principal and interest paid on each bond.

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

1999.

Sec. 1301.003. LIMITS ON ISSUANCE OF BONDS. (a) The amounts of

bonds issued under this chapter may not exceed:

(1) for courthouse bonds, two percent of the county's taxable

values;

(2) for jail bonds, 1-1/2 percent of the county's taxable

values;

(3) for joint courthouse and jail bonds, 3-1/2 percent of the

county's taxable values; and

(4) for bridge bonds, 1-1/2 percent of the county's taxable

values.

(b) In determining the amount of the respective type of bonds to

be issued, previous debt incurred for the same purpose as the

bonds shall be considered.

(c) A county's total indebtedness for the purposes described by

this chapter may not be increased by the issuance of bonds to an

amount that exceeds five percent of the county's taxable values.

(d) The county's taxable values are according to the most recent

appraisal roll.

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

1999.

Sec. 1301.004. PAYMENT OF INTEREST AND CREATION OF SINKING FUND.

(a) Taxes imposed to pay the interest on bonds issued under

this chapter and to create a sinking fund for the redemption of

those bonds may not exceed:

(1) 25 cents per $100 valuation for courthouse or jail bonds;

and

(2) 15 cents per $100 valuation for bridge or road and bridge

bonds.

(b) If the principal of and all interest on bonds issued under

this chapter are fully paid and a surplus not exceeding $1,000

remains in the sinking fund, the surplus may be used by the

county to maintain and repair the courthouse, jail, roads, or

bridges of the county, as determined by the commissioners court.

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

1999.


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