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Statutes > Texas > Government-code > Title-9-public-securities > Chapter-1333-revocation-of-unsold-municipal-bonds-by-petition

GOVERNMENT CODE

TITLE 9. PUBLIC SECURITIES

SUBTITLE E. PROVISIONS APPLICABLE TO SECURITIES ISSUED BY

MUNICIPALITIES

CHAPTER 1333. REVOCATION OF UNSOLD MUNICIPAL BONDS BY PETITION

Sec. 1333.001. BOND REVOCATION ELECTION REQUIRED. (a) The

governing body of a municipality shall order an election to

determine whether to revoke bonds unsold for 10 years or more

after the date the bonds are authorized to be issued if the

governing body receives a petition signed by a number of

registered property tax paying voters equal to 10 percent of the

property tax paying voters voting in the most recent municipal

election.

(b) The election shall be held on the first authorized uniform

election date prescribed by Chapter 41, Election Code, that

allows sufficient time for compliance with any requirements

established by law.

(c) A municipality shall hold the election in the same manner as

an election to issue bonds in the municipality.

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

1999.

Sec. 1333.002. BALLOT FORM. At the election, the ballots shall

be printed to permit voting for or against the following

proposition: "The revocation of the bonds."

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

1999.

Sec. 1333.003. ELECTION RESULTS; DESTRUCTION OF BONDS. (a) The

governing body of the municipality shall record the results of an

election held under this chapter in its minutes.

(b) If a majority of the qualified voters voting at the election

vote in favor of the proposition, the governing body of the

municipality shall revoke and burn the unsold bonds.

(c) The municipality shall send to the comptroller a certified

copy of the minutes of the municipality showing the revocation

and destruction of the bonds.

(d) On receipt of notice under Subsection (c), the comptroller

shall cancel the registration of the bonds in the records of the

comptroller.

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

1999.

Sec. 1333.004. TAX ADJUSTMENT FOLLOWING REVOCATION. (a) The

governing body of a municipality that revokes bonds under this

chapter shall adjust the tax rate in the municipality to account

for any change caused by the revocation.

(b) The municipality by order shall refund taxes collected for

payment of bonds revoked under this chapter, less any properly

chargeable claims, ratably to the taxpayers.

(c) The treasurer of the municipality shall keep a receipt of

taxes refunded under Subsection (b).

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-1333-revocation-of-unsold-municipal-bonds-by-petition

GOVERNMENT CODE

TITLE 9. PUBLIC SECURITIES

SUBTITLE E. PROVISIONS APPLICABLE TO SECURITIES ISSUED BY

MUNICIPALITIES

CHAPTER 1333. REVOCATION OF UNSOLD MUNICIPAL BONDS BY PETITION

Sec. 1333.001. BOND REVOCATION ELECTION REQUIRED. (a) The

governing body of a municipality shall order an election to

determine whether to revoke bonds unsold for 10 years or more

after the date the bonds are authorized to be issued if the

governing body receives a petition signed by a number of

registered property tax paying voters equal to 10 percent of the

property tax paying voters voting in the most recent municipal

election.

(b) The election shall be held on the first authorized uniform

election date prescribed by Chapter 41, Election Code, that

allows sufficient time for compliance with any requirements

established by law.

(c) A municipality shall hold the election in the same manner as

an election to issue bonds in the municipality.

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

1999.

Sec. 1333.002. BALLOT FORM. At the election, the ballots shall

be printed to permit voting for or against the following

proposition: "The revocation of the bonds."

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

1999.

Sec. 1333.003. ELECTION RESULTS; DESTRUCTION OF BONDS. (a) The

governing body of the municipality shall record the results of an

election held under this chapter in its minutes.

(b) If a majority of the qualified voters voting at the election

vote in favor of the proposition, the governing body of the

municipality shall revoke and burn the unsold bonds.

(c) The municipality shall send to the comptroller a certified

copy of the minutes of the municipality showing the revocation

and destruction of the bonds.

(d) On receipt of notice under Subsection (c), the comptroller

shall cancel the registration of the bonds in the records of the

comptroller.

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

1999.

Sec. 1333.004. TAX ADJUSTMENT FOLLOWING REVOCATION. (a) The

governing body of a municipality that revokes bonds under this

chapter shall adjust the tax rate in the municipality to account

for any change caused by the revocation.

(b) The municipality by order shall refund taxes collected for

payment of bonds revoked under this chapter, less any properly

chargeable claims, ratably to the taxpayers.

(c) The treasurer of the municipality shall keep a receipt of

taxes refunded under Subsection (b).

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-1333-revocation-of-unsold-municipal-bonds-by-petition

GOVERNMENT CODE

TITLE 9. PUBLIC SECURITIES

SUBTITLE E. PROVISIONS APPLICABLE TO SECURITIES ISSUED BY

MUNICIPALITIES

CHAPTER 1333. REVOCATION OF UNSOLD MUNICIPAL BONDS BY PETITION

Sec. 1333.001. BOND REVOCATION ELECTION REQUIRED. (a) The

governing body of a municipality shall order an election to

determine whether to revoke bonds unsold for 10 years or more

after the date the bonds are authorized to be issued if the

governing body receives a petition signed by a number of

registered property tax paying voters equal to 10 percent of the

property tax paying voters voting in the most recent municipal

election.

(b) The election shall be held on the first authorized uniform

election date prescribed by Chapter 41, Election Code, that

allows sufficient time for compliance with any requirements

established by law.

(c) A municipality shall hold the election in the same manner as

an election to issue bonds in the municipality.

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

1999.

Sec. 1333.002. BALLOT FORM. At the election, the ballots shall

be printed to permit voting for or against the following

proposition: "The revocation of the bonds."

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

1999.

Sec. 1333.003. ELECTION RESULTS; DESTRUCTION OF BONDS. (a) The

governing body of the municipality shall record the results of an

election held under this chapter in its minutes.

(b) If a majority of the qualified voters voting at the election

vote in favor of the proposition, the governing body of the

municipality shall revoke and burn the unsold bonds.

(c) The municipality shall send to the comptroller a certified

copy of the minutes of the municipality showing the revocation

and destruction of the bonds.

(d) On receipt of notice under Subsection (c), the comptroller

shall cancel the registration of the bonds in the records of the

comptroller.

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

1999.

Sec. 1333.004. TAX ADJUSTMENT FOLLOWING REVOCATION. (a) The

governing body of a municipality that revokes bonds under this

chapter shall adjust the tax rate in the municipality to account

for any change caused by the revocation.

(b) The municipality by order shall refund taxes collected for

payment of bonds revoked under this chapter, less any properly

chargeable claims, ratably to the taxpayers.

(c) The treasurer of the municipality shall keep a receipt of

taxes refunded under Subsection (b).

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

1999.


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