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.