CHAPTER 1331. MUNICIPAL BONDS
GOVERNMENT CODE
TITLE 9. PUBLIC SECURITIES
SUBTITLE E. PROVISIONS APPLICABLE TO SECURITIES ISSUED BY
MUNICIPALITIES
CHAPTER 1331. MUNICIPAL BONDS
SUBCHAPTER A. GENERAL PROVISIONS
Sec. 1331.001. AUTHORITY OF MUNICIPALITY TO ISSUE BONDS. A
municipality may issue bonds payable from ad valorem taxes in the
amount it considers expedient to:
(1) construct or purchase permanent improvements inside the
municipal boundaries, including public buildings, waterworks, or
sewers;
(2) construct or improve the streets and bridges of the
municipality; or
(3) construct or purchase building sites or buildings for the
public schools and other institutions of learning inside the
municipality, if the municipality has assumed exclusive control
of those schools and institutions.
Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1,
1999. Amended by Acts 1999, 76th Leg., ch. 1064, Sec. 13, eff.
Sept. 1, 1999.
Sec. 1331.002. SIGNATURES. Bonds issued by a municipality under
Section 1331.001 must be signed in the manner provided by the
proceedings authorizing the issuance of the bonds.
Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1,
1999. Amended by Acts 1999, 76th Leg., ch. 1064, Sec. 14, eff.
Sept. 1, 1999.
SUBCHAPTER B. PROVISIONS APPLICABLE TO CERTAIN MUNICIPALITIES
Sec. 1331.051. LIMITATION ON BONDED DEBT: MUNICIPALITY WITH
POPULATION OF 600,000 OR MORE. (a) This section applies only to
a municipality with a population of 600,000 or more.
(b) The municipality, through the issuance of bonds payable from
taxes, may incur total bonded debt in an amount not to exceed 10
percent of the total appraised value of property listed on the
most recent appraisal roll for the municipality notwithstanding
that the municipal charter limits the total dollar amount of
bonded debt to a lesser amount.
Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1,
1999.
Sec. 1331.052. AUTHORITY OF HOME-RULE MUNICIPALITY TO ISSUE
BONDS. (a) A home-rule municipality may issue bonds on the
credit of the municipality to make permanent public improvements
or for another public purpose in the amount and to the extent
provided by its charter.
(b) A home-rule municipality may not issue bonds under this
section unless the bonds have been authorized by a majority of
the qualified voters of the municipality voting at an election
held for that purpose.
(c) If a municipality was authorized under a special charter
granted before June 30, 1913, to issue bonds, this section may
not be construed as interfering with the issuance of bonds under
that charter.
Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1,
1999.
Sec. 1331.053. BOND SALE ADVERTISEMENT BY CERTAIN HOME-RULE
MUNICIPALITIES. To receive competitive bids on the interest rate
paid and the amount of the premium, the governing body of a
municipality the charter of which requires that municipal bonds
be advertised for sale after the bonds have been authorized and
issued must advertise the bonds for sale and receive bids for the
sale before adopting an ordinance authorizing the issuance of the
bonds.
Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1,
1999.