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Texas Transportation Code - Section 364.045. Combination Bonds And Ad Valorem Tax To Finance International Toll Bridge Or Improvement

Legal Research Home > Texas Laws > Transportation Code > Texas Transportation Code - Section 364.045. Combination Bonds And Ad Valorem Tax To Finance International Toll Bridge Or Improvement

§ 364.045. COMBINATION BONDS AND AD VALOREM TAX TO FINANCE 
INTERNATIONAL TOLL BRIDGE OR IMPROVEMENT.  (a) A county may issue 
combination tax and revenue bonds to construct all or part of an 
international toll bridge or other improvement spanning the Rio 
Grande and may impose an ad valorem tax to pay all or part of the 
bonds if the issuance of the bonds and the imposition of the tax are 
approved by a majority of the votes received at an election held in 
the county for that purpose.
	(b)  The commissioners court of a county may call an election 
under this section on its own motion at any regular session of the 
court.  The commissioners court shall call an election under this 
section at the next regular session of the court following the 
submission to the court of a petition requesting the election 
signed by a number of registered voters of the county that is equal 
to at least one percent of the number of votes cast in the county in 
the most recent general election for governor.
	(c)  The election order and notice of election must include:                   
		(1)  the purpose for which the bonds are to be issued;                        
		(2)  the amount of the bonds;                                                 
		(3)  the rate of interest;  and                                               
		(4)  a statement that unlimited ad valorem taxes are to 
be imposed annually on all taxable property in the county in amounts 
sufficient, together with revenues from the county toll bridge or 
toll bridge system, to pay the bonds at maturity.
	(d)  The bonds must be made payable from revenues of the 
county toll bridge or toll bridge system and from ad valorem taxes 
imposed and collected in accordance with Section 52, Article III, 
Texas Constitution.  The ad valorem taxes must be imposed in amounts 
that, together with revenues from the county toll bridge or toll 
bridge system, are sufficient to retire the bonds.
	(e)  The county may execute an agreement, contract, or trust 
with a private entity or with the United Mexican States or a 
political subdivision, department, or agency of the United Mexican 
States to finance, construct, operate, or maintain an international 
toll bridge in its entirety or other improvement spanning the Rio 
Grande.

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

Last modified: August 11, 2007