CHAPTER 1435. BONDS FOR PARKS AND FAIRGROUND FACILITIES IN CERTAIN MUNICIPALITIES AND COUNTIES
GOVERNMENT CODE
TITLE 9. PUBLIC SECURITIES
SUBTITLE H. SPECIFIC AUTHORITY FOR MORE THAN ONE TYPE OF LOCAL
GOVERNMENT TO ISSUE SECURITIES
CHAPTER 1435. BONDS FOR PARKS AND FAIRGROUND FACILITIES IN
CERTAIN MUNICIPALITIES AND COUNTIES
SUBCHAPTER A. GENERAL PROVISIONS
Sec. 1435.001. APPLICABILITY OF CHAPTER; JOINT MUNICIPAL AND
COUNTY ACTION. (a) This chapter applies only to:
(1) a municipality with a population greater than 550,000;
(2) a county with a population greater than 550,000; or
(3) a municipality described by Subdivision (1) and a county
described by Subdivision (2) acting together.
(b) A provision of this chapter that applies to a municipality
or county also applies to a municipality and county acting
together.
Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1,
1999.
Sec. 1435.002. DEFINITION. In this chapter, "park facility"
means a building, improvement, or structure owned by a
municipality or county and used in a municipal or county park or
fairground for exhibits, concessions, or entertainment.
Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1,
1999.
Sec. 1435.003. AUTHORITY FOR PARK FACILITIES. A municipality or
county may:
(1) construct, acquire, repair, improve, or enlarge a park
facility; or
(2) acquire additional land, if needed, for a park facility.
Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1,
1999.
Sec. 1435.004. LEASE OR CONTRACT FOR OPERATION OF PARK
FACILITIES. A municipality or county may enter a lease or
contract for the operation of one or more of its park facilities.
Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1,
1999.
SUBCHAPTER B. BONDS
Sec. 1435.051. AUTHORITY TO ISSUE REVENUE BONDS. (a) To obtain
money for a purpose described by Section 1435.003, the governing
body of a municipality or county may, without an election, issue
revenue bonds payable from and secured by a pledge of the net
revenue from one or more of its park facilities or from leases of
or contracts for the operation of the park facilities.
(b) A bond issued under this chapter must state on its face
substantially the following: "The holder of this bond is not
entitled to demand payment of this bond out of money raised by
taxation."
Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1,
1999.
Sec. 1435.052. MATURITY. A bond issued under this chapter must
mature within 40 years.
Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1,
1999.
Sec. 1435.053. DUTY OF GOVERNING BODY. While the bonds are
outstanding, the governing body of the municipality or county
shall:
(1) enforce each lease or contract entered under Section
1435.004 and impose adequate fees, charges, and rentals to assure
payment of the principal of and interest on the bonds as they
become due; and
(2) establish and maintain the funds as provided by the
ordinance authorizing the issuance of the bonds.
Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1,
1999.
Sec. 1435.054. EXECUTION OF BONDS. The bonds shall be executed
as provided by law for municipal bonds.
Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1,
1999.