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House Bill 1551 |
House Author: Aycock |
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Effective: 5-17-11 |
Senate Sponsor: Fraser |
House Bill 1551 amends the Special District Local Laws Code to authorize the Bell County Water Control and Improvement District No. 1 to issue bonds for the purpose of purchasing, constructing, acquiring, owning, operating, repairing, improving, enlarging, or extending any district works, improvements, facilities, plants, equipment, and appliances needed or useful to accomplish or carry out the purposes, powers, functions, or obligations of the district, including works, improvements, facilities, plants, equipment, and appliances needed to provide a waterworks system, sanitary sewer system, storm sewer system, or solid waste disposal system.
House Bill 1551 authorizes the district, in order to provide for the payment of issued bonds, to impose property taxes on all taxable property in the district; pledge all or any part of revenue available to the district from any source; or pledge any combination of these sources of taxes or revenue. Bonds secured by and payable solely from pledged revenue may be issued without an election, and such bonds are not subject to provisions relating to Texas Commission on Environmental Quality authority over the issuance of district bonds. The bill restricts the requirement for the district to hold an election to an election to obtain voter approval for the imposition of property taxes or the issuance of bonds payable from such taxes. The bill authorizes the district to exercise any of the rights or powers granted to the governing body of an issuer of obligations for certain public improvements.
House Bill 1551 establishes that its provisions are wholly sufficient authority for the issuance of bonds, the pledge of revenues, taxes, or any combination of revenues and taxes, and the performance of other authorized acts and procedures by the district without reference to any other provision of law or any restriction or limitation contained in those provisions, except as specifically provided by the bill's provisions.