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.