Texas Local Government Code Title 8, Chapter 254 - Acquisition And Development Of Island Property
SUBCHAPTER A GENERAL PROVISIONS
- Texas Section 254.001 - Applicability Of Chapter
This chapter applies only to a municipality located on a channel, canal, bay, inlet, or lake connected to the Gulf of Mexico. Added by Acts...
- Texas Section 254.002 - Definitions
In this chapter: (1) "Board" means a board of trustees established under Section 254.021. (2) "Island property" means: (A) land located on an island in...
- Texas Section 254.003 - Authority Regarding Island Property
A municipality may construct, acquire, lease as lessor or lessee, improve, enlarge, extend, repair, maintain, replace, develop, or operate facilities and improvements necessary or convenient...
SUBCHAPTER B MANAGEMENT AND CONTROL OF ISLAND PROPERTY; BOARD OF TRUSTEES
- Texas Section 254.004 - Applicability Of Other Law
Except to the extent that it conflicts with this chapter, Subchapter B, Chapter 1502, Government Code, applies to revenue obligations issued under this chapter, and...
- Texas Section 254.021 - Management And Control By Governing Body Or Board Of Trustees
(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,...
- Texas Section 254.022 - Organization And Duties Of Board
(a) Except as otherwise provided by a charter provision described by Section 254.021(c), an ordinance under Section 254.021(a) that places management and control of island...
- Texas Section 254.023 - Character Of Board; General Powers
(a) A board is a body politic and corporate. (b) The board may: (1) manage, control, maintain, and operate the island property; (2) employ a...
SUBCHAPTER C OBLIGATIONS
- Texas Section 254.024 - Competitive Bidding
(a) The board may award a contract involving the expenditure of more than $15,000 only by competitive bidding. (b) Competitive bidding is not required: (1)...
- Texas Section 254.051 - Authority Of Municipality To Issue Obligations
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...
- Texas Section 254.052 - Election
(a) Obligations payable from ad valorem taxes, other than refunding obligations, may be issued only if authorized at an election held under Chapter 1251, Government...
- Texas Section 254.053 - Authority Of Board To Issue Obligations
A board by resolution may issue in the name of the board, with the consent of the governing body of the municipality: (1) obligations payable...
- Texas Section 254.054 - Limitation On Aggregate Amount Of Expense Notes
The aggregate amount of expense notes issued under Section 254.053(2) that are outstanding at any time during a fiscal year may not exceed 50 percent...
- Texas Section 254.055 - Maturity Of Obligation
An obligation issued under this chapter must mature not later than 40 years after its date of issuance. Added by Acts 1999, 76th Leg., ch....
- Texas Section 254.056 - Signatures; Seal
(a) An obligation issued by a municipality under this chapter must be: (1) signed by the mayor or the presiding officer of the municipality; (2)...
- Texas Section 254.057 - Sale Of Obligations
(a) A municipality or board may sell obligations issued under this chapter at public or private sale under terms the governing body or the board...
- Texas Section 254.058 - Contents Of Ordinance Or Resolution
(a) The ordinance of the governing body or the resolution of the board authorizing the issuance of revenue obligations may: (1) provide for the flow...
- Texas Section 254.059 - Review And Approval Of Contracts Relating To Revenue Obligations
(a) If revenue obligations issued under this chapter state that they are secured by a pledge of the proceeds from a contract, a copy of...
- Texas Section 254.060 - Security For And Payment Of Obligations Payable From Revenue
(a) Revenue obligations issued under this chapter may be secured solely by and paid from a pledge of the net revenue derived from the operation...
- Texas Section 254.061 - Use Of Certain Proceeds
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...
- Texas Section 254.062 - Lease Or Sale Of Island Property
(a) In connection with the issuance of revenue obligations, a municipality or board may lease, sublease, or sell island property to be constructed or acquired...
SUBCHAPTER D REFUNDING OBLIGATIONS
- Texas Section 254.063 - Encumbrance Of Island Property Improvements Or Facilities Financed By Obligations Payable From Ad Valorem Taxes
A municipality may not encumber an island property improvement or facility financed by obligations payable from ad valorem taxes unless authorized at the election required...
- Texas Section 254.081 - Applicability Of Law Relating To Original Obligations
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...
- Texas Section 254.082 - Authority To Issue Tax Refunding Obligations
The governing body of a municipality may issue tax obligations under this chapter to refund outstanding tax obligations. Added by Acts 1999, 76th Leg., ch....
- Texas Section 254.083 - Authority To Issue Revenue Refunding Obligations
The governing body of a municipality or a board with the approval of the governing body may issue revenue obligations under this chapter to refund...
- Texas Section 254.084 - Terms Of Issuance Of Revenue Refunding Obligations
(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...
- Texas Section 254.085 - Registration Of Refunding Obligations By Comptroller
(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...
- Texas Section 254.086 - Escrow Agreement
(a) The proceeds from revenue refunding obligations that are deposited as provided by Section 254.085(b)(1)(B) shall be held under an escrow agreement so that the...
Last modified: September 28, 2016