Texas Transportation Code - Section 54.109. Contents Of Ordinance Or Resolution Authorizing Issuance Of Obligations Payable From Revenue
Legal Research Home >
Texas Lawyer > Transportation Code > Texas Transportation Code - Section 54.109. Contents Of Ordinance Or Resolution Authorizing Issuance Of Obligations Payable From Revenue
§ 54.109. CONTENTS OF ORDINANCE OR RESOLUTION AUTHORIZING
ISSUANCE OF OBLIGATIONS PAYABLE FROM REVENUE. (a) The ordinance of
the governing body of the municipality or the resolution of the
board authorizing the issuance of obligations payable from revenue
may:
(1) provide for the flow of funds and the
establishment and maintenance of an interest and sinking fund,
reserve fund, or other fund;
(2) specify a depository for the money; and
(3) contain any additional covenant, as considered
appropriate, with respect to the obligations, the pledged revenue,
and the operation and maintenance of each port improvement or
facility the net revenue of which is pledged, including provisions
for:
(A) the lease of a port improvement or facility;
and
(B) the use or pledge of money derived from that
lease.
(b) The ordinance or resolution or another proceeding may:
(1) prohibit the further issuance of obligations
payable from pledged revenue; or
(2) reserve the right to issue additional obligations
to be secured by a pledge of and payable from the net revenue on a
parity with, or subordinate to, the lien and pledge in support of
the obligations being issued, subject to any condition provided by
the ordinance, resolution, or other proceeding.
(c) The ordinance, resolution, or other proceeding may
provide for an annual payment to the general fund of the
municipality to be made from revenue received from the operation of
the port improvement or facility the net revenue of which is
pledged. The amount of the payment may be specified in:
(1) the ordinance, resolution, or proceeding; or
(2) the charter of the municipality if the
municipality is a home-rule municipality.
(d) The ordinance, resolution, or other proceeding may
provide that surplus net revenue received from the operation of the
port improvement or facility the net revenue of which is pledged may
be used for the payment of the principal of and interest on any
obligation payable from taxes issued by the municipality under this
chapter.
(e) The ordinance, resolution, or other proceeding may
contain other provisions and covenants. If the municipality is a
home-rule municipality, the provisions must be consistent with any
charter provision relating to the port improvement or facility that
is not inconsistent with this chapter.
Added by Acts 1999, 76th Leg., ch. 227, § 20, eff. Sept. 1, 1999.
Section: 54.102 54.103 54.104 54.105 54.106 54.107 54.108 54.109 54.110 54.111 54.112 54.113 54.114 54.151 54.152
Last modified: August 10, 2007
|
