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Texas Government Code - GOV'T § 1507.151. Authority to Issue Bonds

Current as of January 01, 2024 | Updated by Findlaw Staff

(a) The governing body of a municipality by ordinance may issue bonds secured by and payable from ad valorem taxes to provide for the payment of all or part of the municipality's current expenses for a fiscal year if:

(1) in that fiscal year the municipality has lost or is likely to lose an amount that is:

(A) more than $15 million;  and

(B) more than 15 percent of the municipality's budget for the fiscal year, not including the amount necessary for debt service;  and

(2) the loss or potential loss is the result of a person who received municipal funds seeking or acceding to protection under Title 11, United States Code.

(b) A determination by the municipality's governing body that a loss has occurred or is likely to occur, or of the amount of a loss or anticipated loss, is conclusive.

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Cite this article: FindLaw.com - Texas Government Code - GOV'T § 1507.151. Authority to Issue Bonds - last updated January 01, 2024 | https://codes.findlaw.com/tx/government-code/gov-t-sect-1507-151/

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