Texas Transportation Code
§ 452.352 — POWER TO ISSUE BONDS
TN § 452.352Title 6. ROADWAYS · Part K. MASS TRANSPORTATION · Ch. 452. REGIONAL TRANSPORTATION AUTHORITIES · Art. H. BONDS
Statute text
View on source(a)An authority may issue bonds at any time and for any amounts it considers necessary or appropriate for:
(1)the acquisition, construction, repair, equipping, improvement, or extension of its public transportation system; or
(2)creating or funding self-insurance or retirement or pension fund reserves.
(b)A bond any portion of which is secured by a pledge of sales and use tax revenues and that has a maturity longer than five years from the date of issuance may not be issued by an authority until an election has been held and the proposition proposing the issue has been approved by a majority of the votes received on the issue in accordance with either Section 452.362 or 452.363.
(c)A subregional authority created by a contiguous municipality may not issue a document of indebtedness, including a bond, unless the document is approved by the governing body of the contiguous city.
(d)Subsection (b) does not apply to:
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Legislative history
Acts 2007, 80th Leg., R.S., Ch. 54 (S.B. 1375), Sec. 1, eff. September 1, 2007.