CHAPTER 1510. BONDS FOR HIGHWAY PROJECTS OR FACILITIES
GOVERNMENT CODE
TITLE 9. PUBLIC SECURITIES
SUBTITLE J. SPECIFIC AUTHORITY FOR MUNICIPALITIES TO ISSUE
SECURITIES
CHAPTER 1510. BONDS FOR HIGHWAY PROJECTS OR FACILITIES
Sec. 1510.001. DEFINITION. In this chapter, "state highway
system" means the highways in this state included in the plan
providing for a system of state highways prepared under Section
201.103, Transportation Code.
Added by Acts 2007, 80th Leg., R.S., Ch.
426, Sec. 1, eff. June 15, 2007.
Sec. 1510.002. AUTHORITY TO ISSUE BONDS. (a) A municipality
may issue bonds to provide funds for the design, development,
financing, construction, maintenance, operation, extension,
expansion, or improvement of a nontoll project or facility on the
state highway system located in the municipality or, as a
continuation of the project or facility, in an adjacent
jurisdiction.
(b) To provide for the payment of bonds issued under this
section, a municipality may:
(1) pledge revenue from any available source, including payments
received under an agreement with the Texas Department of
Transportation including under Section 222.104, Transportation
Code;
(2) pledge, levy, and collect taxes, subject to any
constitutional limitation; or
(3) pledge any combination of revenue and taxes described by
Subdivisions (1) and (2).
(c) Any election required to permit action under Subsection (b)
must be held in conformance with the Election Code or other law
applicable to the municipality.
(d) A municipality that issues bonds under this section may
exercise any of the rights and powers granted to the governing
body of an issuer under Chapter 1371.
(e) A bond issued under this section must mature not later than
40 years after its date of issuance.
(f) This section is wholly sufficient authority for the issuance
of bonds, the pledge of revenues, taxes, or any combination of
revenues and taxes, and the performance of other acts and
procedures authorized by this section by a municipality without
reference to any other provision of law or any restriction or
limitation contained in those provisions, except as specifically
provided by this section. To the extent of any conflict or
inconsistency between this section and any other law, this
section shall prevail and control. A municipality may use any
law not in conflict with this section to the extent convenient or
necessary to carry out any power or authority, expressed or
implied, granted by this section.
Added by Acts 2007, 80th Leg., R.S., Ch.
426, Sec. 1, eff. June 15, 2007.