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.