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Texas Transportation Code - Section 284.038. Revenue Bonds: Ad Valorem Tax For Maintenance And Operation

Legal Research Home > Texas Lawyer > Transportation Code > Texas Transportation Code - Section 284.038. Revenue Bonds: Ad Valorem Tax For Maintenance And Operation

§ 284.038. REVENUE BONDS:  AD VALOREM TAX FOR MAINTENANCE 
AND OPERATION.  (a) A county issuing bonds under this chapter that 
are secured solely by a pledge of revenues may:
		(1)  by the bond resolution, authorize the payment of 
the principal of and premium, if any, and interest on the bonds from 
the gross revenues of the project;  and
		(2)  impose a direct continuing ad valorem tax under 
Section 9, Article VIII, or Section 52, Article III, Texas 
Constitution, and pledge the tax to pay maintenance and operating 
expenses of the project and to establish and maintain a reserve fund 
and a depreciation and replacement fund for the project, as a 
supplement to the pledge of revenues for those purposes or in lieu 
of a pledge of revenues, as provided by the bond resolution.
	(b)  The proceeds of a tax pledged under this section shall 
be used annually to the extent required by the bond resolution and 
for the purposes stated in Subsection (a)(2).  The county may 
provide in the resolution that certain or all costs listed in the 
resolution will be paid by the county from the proceeds of the tax.

Acts 1995, 74th Leg., ch. 165, § 1, eff. Sept. 1, 1995.                    

Last modified: August 10, 2007