Sec. 460.502. POWER TO ISSUE BONDS. (a) An authority may issue bonds at any time and for amounts the executive committee determines are appropriate.
(b) The bonds may be issued as necessary for:
(1) the acquisition, construction, repair, improvement, or extension of an authority's public transportation system; or
(2) the creation or funding of self-insurance or retirement or pension fund reserves.
(c) A bond issued by the authority may have a maturity of up to 30 years from the date of issuance.
(d) A bond any portion of which is secured by a pledge of sales and use tax revenues and that has a maturity of five years or longer from the date of issuance may not be issued by an authority until an election has been held in the municipalities in which the authority has been authorized to impose a sales and use tax and the proposition proposing the issue has been approved by a majority of the votes received on the issue.
(e) Subsection (d) does not apply to the issuance of refunding bonds or bonds described by Subsection (b)(2).
Added by Acts 2001, 77th Leg., ch. 1186, Sec. 1, eff. Sept. 1, 2001. Amended by Acts 2003, 78th Leg., ch. 306, Sec. 8, eff. Sept. 1, 2003.
Amended by:
Acts 2009, 81st Leg., R.S., Ch. 557 (S.B. 1876), Sec. 1, eff. September 1, 2009.
Acts 2009, 81st Leg., R.S., Ch. 928 (H.B. 3070), Sec. 1, eff. September 1, 2009.
Section: Previous 460.401 460.402 460.403 460.404 460.405 460.406 460.501 460.502 460.503 460.504 460.505 460.506 460.507 460.508 460.509 NextLast modified: September 28, 2016