Texas § 457.355 PROCEDURE AFTER WITHDRAWAL ELECTION.

Texas Statutes

§ 457.355 — PROCEDURE AFTER WITHDRAWAL ELECTION.

Texas § 457.355

Code TNTransportation Code

This text of Texas § 457.355 (PROCEDURE AFTER WITHDRAWAL ELECTION.) is published on Counsel Stack Legal Research, covering Texas primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Tex. Transportation Code Code Ann. § 457.355 (2026).

Text

Sec. 457.355. PROCEDURE AFTER WITHDRAWAL ELECTION.

(a)Until the amount of revenue from an authority's sales and use tax collected in a withdrawn unit of election after the effective date of withdrawal and paid to the authority equals the total financial obligation of the unit, the sales and use tax continues to be collected in the territory of the election unit.

(b)After the amount described by Subsection (a) has been collected, the comptroller shall discontinue collecting the tax in the territory of the unit of election.

(c)The total financial obligation of a withdrawn unit of election to the authority is an amount equal to:

(1)the unit's apportioned share of the authority's outstanding obligations; and

(2)the amount, not computed under Subdivision (1), that is necessary and appropri

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Sec. 457.355. PROCEDURE AFTER WITHDRAWAL ELECTION. (a) Until the amount of revenue from an authority's sales and use tax collected in a withdrawn unit of election after the effective date of withdrawal and paid to the authority equals the total financial obligation of the unit, the sales and use tax continues to be collected in the territory of the election unit.
(b) After the amount described by Subsection (a) has been collected, the comptroller shall discontinue collecting the tax in the territory of the unit of election.
(c) The total financial obligation of a withdrawn unit of election to the authority is an amount equal to:
(1) the unit's apportioned share of the authority's outstanding obligations; and
(2) the amount, not computed under Subdivision (1), that is necessary and appropriate to allocate to the unit because of financial obligations of the authority that specifically relate to the unit.
(d) An authority's outstanding obligation under Subsection (c)(1) is the sum of:
(1) the obligations of the authority authorized in the budget of, and contracted for by, the authority;
(2) outstanding contractual obligations for capital or other expenditures, including expenditures for a subsequent year, the payment of which is not made or provided for from the proceeds of notes, bonds, or other obligations;
(3) payments due or to become due in a subsequent year on notes, bonds, or other securities or obligations for debt issued by the authority;
(4) the amount required by the authority to be reserved for all years to comply with financial covenants made with lenders, note or bond holders, or other creditors or contractors; and
(5) the amount necessary for the full and timely payment of the obligations of the authority, to avoid a default or impairment of those obligations, including contingent liabilities.
(e) The apportioned share of a unit's obligation is the amount of the obligation times a fraction, the numerator of which is the number of inhabitants of the withdrawing unit of election and the denominator of which is the number of inhabitants of the authority, including the number of inhabitants of the unit.
(f) The board shall determine the amount of each component of the computations required under this section, including the components of the unit's apportioned share, as of the effective date of withdrawal. The number of inhabitants shall be determined according to the most recent and available applicable data of an agency of the United States.
(g) The board shall certify to a withdrawn unit of election and to the comptroller the total financial obligation of the unit to the authority as determined under this section.