Texas § 460.502 POWER TO ISSUE BONDS.

Texas Statutes

§ 460.502 — POWER TO ISSUE BONDS.

Texas § 460.502

Code TNTransportation Code

This text of Texas § 460.502 (POWER TO ISSUE BONDS.) 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. § 460.502 (2026).

Text

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

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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).

Legislative History

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.