Texas Transportation Code - Section 284.031. Bonds Authorized
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§ 284.031. BONDS AUTHORIZED. (a) A county may issue
bonds for a project under this chapter that are secured:
(1) solely by the pledge of the gross or net revenues
of a project;
(2) by a pledge of:
(A) an ad valorem tax under Section 9, Article
VIII, Texas Constitution; or
(B) an unlimited ad valorem tax authorized by
Section 52, Article III, Texas Constitution;
(3) by designating part of the bonds to be secured
solely by a pledge of project revenues and part of the bonds to be
secured by pledge of the ad valorem tax; or
(4) by a combination of methods described by
Subdivisions (1) and (2) with all of the bonds supported and secured
by the ad valorem tax and the duty imposed on the county to collect
tolls for use of the project facilities as long as the bonds are
outstanding so that, as prescribed in the bond instrument, the
amount of the tax may be reduced as the project revenues become
sufficient to:
(A) meet the requirements for operation and
maintenance; and
(B) provide money for the bonds.
(b) The commissioners court may secure bonds issued under
this chapter through a trust indenture between the county and a
corporate trustee. The corporate trustee may be any trust company
or bank that has the powers of a trust company. The indenture may
pledge or assign project tolls or revenues but may not convey or
mortgage any part of the project.
(c) The bonds issued under this chapter may be authorized by
bond resolution at one time or from time to time and shall mature on
or before the 40th anniversary of their date.
Acts 1995, 74th Leg., ch. 165, § 1, eff. Sept. 1, 1995.
Section: 284.005 284.006 284.007 284.008 284.011 284.011 284.012 284.031 284.032 284.033 284.034 284.035 284.036 284.037 284.038
Last modified: August 10, 2007
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