Texas Transportation Code - Section 364.045. Combination Bonds And Ad Valorem Tax To Finance International Toll Bridge Or Improvement
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Texas Laws > Transportation Code > Texas Transportation Code - Section 364.045. Combination Bonds And Ad Valorem Tax To Finance International Toll Bridge Or Improvement
Section: 364.022 364.023 364.024 364.041 364.042 364.043 364.044 364.045 364.046 364.047 364.048 364.049 364.050 364.051 364.052
§ 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
Acts 1995, 74th Leg., ch. 165, § 1, eff. Sept. 1, 1995.
Last modified: August 11, 2007