Sec. 1507.001. AUTHORITY TO ISSUE BONDS. A municipality may issue, sell, and deliver bonds in an amount sufficient to pay a final judgment of a court, plus the interest and the costs and expenses connected with the judgment, if:
(1) the judgment is against the municipality or the payment of the judgment is the legal responsibility of the municipality;
(2) the judgment awards the plaintiff an amount in cash; and
(3) the municipality does not have money available to pay the amount of the judgment plus the interest and the cost and expenses connected with the judgment or decree.
Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999.
Section: 1507.001 1507.002 1507.003 1507.051 1507.052 1507.053 1507.054 1507.101 1507.102 1507.103 1507.104 1507.151 1507.152 1507.153 1507.154 NextLast modified: September 28, 2016