CHAPTER 1252. REVOCATION OF AUTHORITY TO ISSUE BONDS - Texas Statutes

GOVERNMENT CODE

TITLE 9. PUBLIC SECURITIES

SUBTITLE C. PROVISIONS APPLICABLE TO SECURITIES ISSUED BY MORE

THAN ONE TYPE OF LOCAL GOVERNMENT

CHAPTER 1252. REVOCATION OF AUTHORITY TO ISSUE BONDS

Sec. 1252.001. ELECTION TO REVOKE AUTHORITY. The commissioners

court of a county or the governing body of a municipality may

order an election to determine whether to revoke the authority to

issue bonds that:

(1) compose all or part of an issue authorized by an earlier

election; and

(2) have not as of the date of the order been sold or delivered.

Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1,

1999.

Sec. 1252.002. ELECTION PROCEDURE. (a) An election to revoke

bonds under this chapter shall be held in the same manner as the

election originally authorizing the bonds.

(b) In an election held under Subsection (a), the ballot shall

be printed to permit voting for or against the proposition: "The

revocation of bonds."

(c) If a revocation election covers bonds of more than one voted

issue, there shall be a separate proposition for each voted

issue.

Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1,

1999.

Sec. 1252.003. REVOCATION AND CANCELLATION OF BONDS. (a) If

the proposition to revoke the bonds receives the number of votes

required by the statute under which the bonds were originally

voted, the authority to issue the bonds is revoked.

(b) If the bonds have not been printed, a certified copy of the

order or resolution showing that the authority to issue the bonds

has been revoked and the minutes relating to the order or

resolution shall be sent to the attorney general.

(c) If the bonds have been approved by the attorney general and

registered by the comptroller, a certified copy of the order or

resolution and the minutes relating to the order or resolution

shall be sent to the attorney general and comptroller.

(d) If the bonds have been printed, the commissioners court or

municipal governing body shall destroy the bonds by canceling and

burning the bonds.

Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1,

1999.