CHAPTER 1510. BONDS FOR HIGHWAY PROJECTS OR FACILITIES - Texas Statutes

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.