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Texas Transportation Code - Chapter 54 Harbor And Port Facilities In Certain MunicipalitiesLegal Research Home > Texas Lawyer > Transportation Code > Texas Transportation Code - Chapter 54 Harbor And Port Facilities In Certain Municipalities This chapter applies only to a municipality that: (1) is located on: (A) the Gulf of Mexico; or (B) a channel, canal, bay, or inlet ... In this chapter: (1) "Board" means a board of trustees established under Section 54.051. (2) "Obligation" includes a bond. (3) "Port improvement or facility" means ... (a) A municipality that owns and operates a port may construct, acquire, lease, improve, enlarge, extend, repair, maintain, replace, develop, or operate a port improvement ... (a) Notwithstanding any law or charter provision to the contrary, the governing body of a municipality may impose a tax at a rate not to ... Except to the extent that it conflicts or is inconsistent with this chapter, Subchapter B, Chapter 1502, Government Code, applies to revenue obligations issued under ... (a) An ordinance authorizing the issuance of obligations under this chapter may provide that while the principal of or interest on the obligations is outstanding, ... (a) An ordinance under Section 54.051 that vests management and control of a port improvement or facility in a board must: (1) specify the board ... (a) A board is a body politic and corporate. (b) A board may: (1) manage, control, maintain, and operate each port improvement or facility constituting ... (a) Except as otherwise provided by this chapter, the board may award a contract involving the expenditure of more than $15,000 only by competitive bidding. ... Notwithstanding any other provision of this chapter, a board may sell real property only if the governing body of the municipality by ordinance approves the ... In this subchapter, "net revenue" means the gross revenue derived from the operation of a port improvement or facility the net revenue of which is ... The governing body of a municipality by ordinance may issue in the name of the municipality obligations payable from taxes, revenue, or both to provide ... (a) Obligations payable from ad valorem taxes, other than refunding obligations, may be issued only if authorized by a majority of the qualified voters voting ... (a) A board by resolution may issue in the name of the board, with the consent of the governing body of the municipality: (1) obligations ... The aggregate amount of expense warrants issued under Section 54.104(a)(2) that are outstanding at any time during a fiscal year may not exceed 50 percent ... An obligation issued under this chapter must mature not later than 40 years after its date. Added by Acts 1999, 76th Leg., ch. 227, § ... (a) An obligation issued by a municipality under this chapter must be signed by the mayor or presiding officer of the municipality and countersigned by ... (a) Obligations issued under this chapter shall be sold at a public or private sale under terms determined by the governing body or the board ... (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: ... (a) If revenue obligations issued under this chapter state that they are secured in whole or in part by a pledge of the proceeds from ... (a) Obligations issued under this chapter and payable from revenue may be secured solely by and paid from a pledge of the net revenue derived ... From the proceeds from the sale of obligations issued under this chapter, there may be appropriated or set aside: (1) an amount for the payment ... (a) In connection with the issuance of obligations payable from revenue, a municipality or board may lease, sublease, or sell to any person, firm, corporation, ... A municipality may not encumber a port improvement or facility financed by obligations payable from ad valorem taxes unless authorized at the election required by ... The provisions of this chapter relating to original obligations apply to refunding obligations issued under this chapter to the extent the provisions can be made ... The governing body of a municipality, under the procedures provided by this chapter, may issue tax obligations to refund outstanding tax obligations, including original or ... The governing body of a municipality or a board, under the procedures provided by this chapter, may issue obligations payable from revenue to refund outstanding ... (a) Revenue refunding obligations may: (1) be combined with new or original revenue obligations into one series or issue; (2) be issued to refund obligations ... (a) Except as provided by Subsection (b), the comptroller shall register refunding obligations on surrender and cancellation of the obligations to be refunded. (b) The ... (a) The proceeds from revenue refunding obligations that are deposited as provided by Section 54.155(b)(2) shall be deposited under an escrow agreement so that the ... Texas Lawyers
Last modified: August 10, 2007 |