Texas Transportation Code Title 4, Chapter 54 - Harbor And Port Facilities In Certain Municipalities

SUBCHAPTER A GENERAL PROVISIONS

• Texas Section 54.001 - Applicability Of Chapter
  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...
• Texas Section 54.002 - Definitions
  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...
• Texas Section 54.003 - Authority Regarding Port Improvements And Facilities
  (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...
• Texas Section 54.004 - Authority To Impose Tax; Election
  (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...

SUBCHAPTER B MANAGEMENT AND CONTROL OF PORT IMPROVEMENTS AND FACILITIES; BOARD OF TRUSTEES

• Texas Section 54.005 - Applicability Of Other Law
  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...
• Texas Section 54.051 - Management And Control By Governing Body Or Board
  (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 54.052 - Organization And Duties Of Board
  (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...
• Texas Section 54.053 - Character Of Board; General Powers
  (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...
• Texas Section 54.054 - Competitive Bidding
  (a) Except as otherwise provided by this chapter, the board may award a contract involving the expenditure of funds in excess of the amount applicable...
• Texas Section 54.055 - Approval By Ordinance Required For Sale Of Real Property
  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...

SUBCHAPTER C OBLIGATIONS

• Texas Section 54.056 - Board Act Or Proceeding Presumed Valid
  (a) A governmental act or proceeding of a board is conclusively presumed, as of the date it occurred, to be valid and to have occurred...
• Texas Section 54.101 - Definition
  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...
• Texas Section 54.102 - 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 54.103 - Election
  (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...
• Texas Section 54.104 - Authority Of Board To Issue Obligations
  (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...
• Texas Section 54.105 - Limitation On Aggregate Amount Of Expense Warrants
  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...
• Texas Section 54.106 - Maturity Of Obligation
  An obligation issued under this chapter must mature not later than 40 years after its date. Added by Acts 1999, 76th Leg., ch. 227, Sec....
• Texas Section 54.107 - Signatures
  (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...
• Texas Section 54.108 - Sale Of Obligations
  (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...
• Texas Section 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:...
• Texas Section 54.110 - Review And Approval Of Contracts Relating To Revenue Obligations
  (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...
• Texas Section 54.111 - Security For And Payment Of Obligations Payable From Revenue
  (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...
• Texas Section 54.112 - 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 54.113 - Lease Or Sale Of Port Improvements And Facilities
  (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,...

SUBCHAPTER D REFUNDING OBLIGATIONS

• Texas Section 54.114 - Encumbrance Of Port Improvements Or Facilities Financed By Obligations Payable From Ad Valorem Taxes
  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...
• Texas Section 54.151 - 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 54.152 - Authority To Issue Tax Refunding Obligations
  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...
• Texas Section 54.153 - Authority To Issue Revenue Refunding Obligations
  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...
• Texas Section 54.154 - 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 54.155 - 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 54.156 - Escrow Agreement
  (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...

Last modified: September 28, 2016