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Statutes > Texas > Government-code > Title-9-public-securities > Chapter-1472-refunding-of-county-bonds-for-causeways

GOVERNMENT CODE

TITLE 9. PUBLIC SECURITIES

SUBTITLE I. SPECIFIC AUTHORITY FOR COUNTIES TO ISSUE SECURITIES

CHAPTER 1472. REFUNDING OF COUNTY BONDS FOR CAUSEWAYS

Sec. 1472.001. APPLICABILITY OF CHAPTER. This chapter applies

only to a county that has outstanding bonds:

(1) issued to construct, acquire, improve, operate, or maintain

a causeway; and

(2) the principal of and interest on which are payable from

revenue derived from the operation of the causeway.

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

1999.

Sec. 1472.002. AUTHORITY TO ISSUE REFUNDING BONDS. (a) The

commissioners court of the county may issue bonds to refund the

outstanding bonds described by Section 1472.001 and may impose ad

valorem taxes to pay the interest on and to provide a sinking

fund for the redemption of the refunding bonds only if the

issuance of the bonds is approved by a majority of the qualified

voters voting at an election held in the county in the manner

provided by Chapter 1251.

(b) The aggregate principal amount of outstanding refunding

bonds issued under this section may not exceed an amount that,

for the payment of the principal of and interest on the bonds,

would require the county to impose ad valorem taxes at a rate

greater than the 80-cent limitation established by Section 9,

Article VIII, Texas Constitution.

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

1999.

Sec. 1472.003. MATURITY. A bond issued under this chapter must

mature not later than 40 years after its date.

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

1999.

Sec. 1472.004. SALE OF BONDS. The commissioners court may

determine the manner of sale of bonds issued under this chapter.

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

1999.

Sec. 1472.005. EXCHANGE OR REPAYMENT OF BONDS BEING REFUNDED.

The commissioners court may:

(1) exchange bonds issued under this chapter for the bonds being

refunded; or

(2) use the proceeds of bonds issued under this chapter to pay

the principal amount of the bonds being refunded and any required

redemption premium and cancel those bonds.

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

1999.

Sec. 1472.006. USE OF FUNDS ESTABLISHED FOR BONDS BEING

REFUNDED. On cancellation of the bonds being refunded, the

commissioners court may use money in any fund established by the

resolution or order authorizing the issuance of the bonds to be

refunded:

(1) to pay the principal of and accrued interest on the bonds to

be refunded;

(2) to pay any required redemption premium;

(3) to make a payment into the road and bridge fund of the

county; or

(4) for any other lawful purpose.

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

1999.

Sec. 1472.007. CONTINUED IMPOSITION OF TAXES. A county issuing

bonds under this chapter shall continue to impose ad valorem

taxes to pay the interest on those bonds and to provide a sinking

fund for the redemption of those bonds even if the facilities

constructed with the proceeds of the bonds being refunded become

a part of the state highway system.

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

1999.

Sec. 1472.008. REFUNDING OF REFUNDING BONDS. Subject to Section

1472.002(b), the commissioners court may refund bonds issued

under this chapter on the terms, including the maturity, as

determined by the 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-1472-refunding-of-county-bonds-for-causeways

GOVERNMENT CODE

TITLE 9. PUBLIC SECURITIES

SUBTITLE I. SPECIFIC AUTHORITY FOR COUNTIES TO ISSUE SECURITIES

CHAPTER 1472. REFUNDING OF COUNTY BONDS FOR CAUSEWAYS

Sec. 1472.001. APPLICABILITY OF CHAPTER. This chapter applies

only to a county that has outstanding bonds:

(1) issued to construct, acquire, improve, operate, or maintain

a causeway; and

(2) the principal of and interest on which are payable from

revenue derived from the operation of the causeway.

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

1999.

Sec. 1472.002. AUTHORITY TO ISSUE REFUNDING BONDS. (a) The

commissioners court of the county may issue bonds to refund the

outstanding bonds described by Section 1472.001 and may impose ad

valorem taxes to pay the interest on and to provide a sinking

fund for the redemption of the refunding bonds only if the

issuance of the bonds is approved by a majority of the qualified

voters voting at an election held in the county in the manner

provided by Chapter 1251.

(b) The aggregate principal amount of outstanding refunding

bonds issued under this section may not exceed an amount that,

for the payment of the principal of and interest on the bonds,

would require the county to impose ad valorem taxes at a rate

greater than the 80-cent limitation established by Section 9,

Article VIII, Texas Constitution.

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

1999.

Sec. 1472.003. MATURITY. A bond issued under this chapter must

mature not later than 40 years after its date.

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

1999.

Sec. 1472.004. SALE OF BONDS. The commissioners court may

determine the manner of sale of bonds issued under this chapter.

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

1999.

Sec. 1472.005. EXCHANGE OR REPAYMENT OF BONDS BEING REFUNDED.

The commissioners court may:

(1) exchange bonds issued under this chapter for the bonds being

refunded; or

(2) use the proceeds of bonds issued under this chapter to pay

the principal amount of the bonds being refunded and any required

redemption premium and cancel those bonds.

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

1999.

Sec. 1472.006. USE OF FUNDS ESTABLISHED FOR BONDS BEING

REFUNDED. On cancellation of the bonds being refunded, the

commissioners court may use money in any fund established by the

resolution or order authorizing the issuance of the bonds to be

refunded:

(1) to pay the principal of and accrued interest on the bonds to

be refunded;

(2) to pay any required redemption premium;

(3) to make a payment into the road and bridge fund of the

county; or

(4) for any other lawful purpose.

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

1999.

Sec. 1472.007. CONTINUED IMPOSITION OF TAXES. A county issuing

bonds under this chapter shall continue to impose ad valorem

taxes to pay the interest on those bonds and to provide a sinking

fund for the redemption of those bonds even if the facilities

constructed with the proceeds of the bonds being refunded become

a part of the state highway system.

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

1999.

Sec. 1472.008. REFUNDING OF REFUNDING BONDS. Subject to Section

1472.002(b), the commissioners court may refund bonds issued

under this chapter on the terms, including the maturity, as

determined by the 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-1472-refunding-of-county-bonds-for-causeways

GOVERNMENT CODE

TITLE 9. PUBLIC SECURITIES

SUBTITLE I. SPECIFIC AUTHORITY FOR COUNTIES TO ISSUE SECURITIES

CHAPTER 1472. REFUNDING OF COUNTY BONDS FOR CAUSEWAYS

Sec. 1472.001. APPLICABILITY OF CHAPTER. This chapter applies

only to a county that has outstanding bonds:

(1) issued to construct, acquire, improve, operate, or maintain

a causeway; and

(2) the principal of and interest on which are payable from

revenue derived from the operation of the causeway.

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

1999.

Sec. 1472.002. AUTHORITY TO ISSUE REFUNDING BONDS. (a) The

commissioners court of the county may issue bonds to refund the

outstanding bonds described by Section 1472.001 and may impose ad

valorem taxes to pay the interest on and to provide a sinking

fund for the redemption of the refunding bonds only if the

issuance of the bonds is approved by a majority of the qualified

voters voting at an election held in the county in the manner

provided by Chapter 1251.

(b) The aggregate principal amount of outstanding refunding

bonds issued under this section may not exceed an amount that,

for the payment of the principal of and interest on the bonds,

would require the county to impose ad valorem taxes at a rate

greater than the 80-cent limitation established by Section 9,

Article VIII, Texas Constitution.

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

1999.

Sec. 1472.003. MATURITY. A bond issued under this chapter must

mature not later than 40 years after its date.

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

1999.

Sec. 1472.004. SALE OF BONDS. The commissioners court may

determine the manner of sale of bonds issued under this chapter.

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

1999.

Sec. 1472.005. EXCHANGE OR REPAYMENT OF BONDS BEING REFUNDED.

The commissioners court may:

(1) exchange bonds issued under this chapter for the bonds being

refunded; or

(2) use the proceeds of bonds issued under this chapter to pay

the principal amount of the bonds being refunded and any required

redemption premium and cancel those bonds.

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

1999.

Sec. 1472.006. USE OF FUNDS ESTABLISHED FOR BONDS BEING

REFUNDED. On cancellation of the bonds being refunded, the

commissioners court may use money in any fund established by the

resolution or order authorizing the issuance of the bonds to be

refunded:

(1) to pay the principal of and accrued interest on the bonds to

be refunded;

(2) to pay any required redemption premium;

(3) to make a payment into the road and bridge fund of the

county; or

(4) for any other lawful purpose.

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

1999.

Sec. 1472.007. CONTINUED IMPOSITION OF TAXES. A county issuing

bonds under this chapter shall continue to impose ad valorem

taxes to pay the interest on those bonds and to provide a sinking

fund for the redemption of those bonds even if the facilities

constructed with the proceeds of the bonds being refunded become

a part of the state highway system.

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

1999.

Sec. 1472.008. REFUNDING OF REFUNDING BONDS. Subject to Section

1472.002(b), the commissioners court may refund bonds issued

under this chapter on the terms, including the maturity, as

determined by the court.

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

1999.


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