CHAPTER 1331. MUNICIPAL BONDS - Texas Statutes

GOVERNMENT CODE

TITLE 9. PUBLIC SECURITIES

SUBTITLE E. PROVISIONS APPLICABLE TO SECURITIES ISSUED BY

MUNICIPALITIES

CHAPTER 1331. MUNICIPAL BONDS

SUBCHAPTER A. GENERAL PROVISIONS

Sec. 1331.001. AUTHORITY OF MUNICIPALITY TO ISSUE BONDS. A

municipality may issue bonds payable from ad valorem taxes in the

amount it considers expedient to:

(1) construct or purchase permanent improvements inside the

municipal boundaries, including public buildings, waterworks, or

sewers;

(2) construct or improve the streets and bridges of the

municipality; or

(3) construct or purchase building sites or buildings for the

public schools and other institutions of learning inside the

municipality, if the municipality has assumed exclusive control

of those schools and institutions.

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

1999. Amended by Acts 1999, 76th Leg., ch. 1064, Sec. 13, eff.

Sept. 1, 1999.

Sec. 1331.002. SIGNATURES. Bonds issued by a municipality under

Section 1331.001 must be signed in the manner provided by the

proceedings authorizing the issuance of the bonds.

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

1999. Amended by Acts 1999, 76th Leg., ch. 1064, Sec. 14, eff.

Sept. 1, 1999.

SUBCHAPTER B. PROVISIONS APPLICABLE TO CERTAIN MUNICIPALITIES

Sec. 1331.051. LIMITATION ON BONDED DEBT: MUNICIPALITY WITH

POPULATION OF 600,000 OR MORE. (a) This section applies only to

a municipality with a population of 600,000 or more.

(b) The municipality, through the issuance of bonds payable from

taxes, may incur total bonded debt in an amount not to exceed 10

percent of the total appraised value of property listed on the

most recent appraisal roll for the municipality notwithstanding

that the municipal charter limits the total dollar amount of

bonded debt to a lesser amount.

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

1999.

Sec. 1331.052. AUTHORITY OF HOME-RULE MUNICIPALITY TO ISSUE

BONDS. (a) A home-rule municipality may issue bonds on the

credit of the municipality to make permanent public improvements

or for another public purpose in the amount and to the extent

provided by its charter.

(b) A home-rule municipality may not issue bonds under this

section unless the bonds have been authorized by a majority of

the qualified voters of the municipality voting at an election

held for that purpose.

(c) If a municipality was authorized under a special charter

granted before June 30, 1913, to issue bonds, this section may

not be construed as interfering with the issuance of bonds under

that charter.

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

1999.

Sec. 1331.053. BOND SALE ADVERTISEMENT BY CERTAIN HOME-RULE

MUNICIPALITIES. To receive competitive bids on the interest rate

paid and the amount of the premium, the governing body of a

municipality the charter of which requires that municipal bonds

be advertised for sale after the bonds have been authorized and

issued must advertise the bonds for sale and receive bids for the

sale before adopting an ordinance authorizing the issuance of the

bonds.

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

1999.