1-1 AN ACT
1-2 relating to the creation, administration, powers, duties,
1-3 operation, and financing of the Fort Bend County Levee Improvement
1-4 District Number 16 and to the authorization of bonds and the levy
1-5 of taxes; providing civil penalties.
1-6 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
1-7 ARTICLE 1. GENERAL PROVISIONS
1-8 SECTION 1.01. CREATION. (a) A levee improvement district,
1-9 to be known as Fort Bend County Levee Improvement District Number
1-10 16, is created. The district is a governmental agency and a body
1-11 politic and corporate.
1-12 (b) The district is created under and is essential to
1-13 accomplish the purposes of Section 59, Article XVI, Texas
1-14 Constitution.
1-15 (c) The district has the powers of a levee improvement
1-16 district as provided by Chapter 57, Water Code, and is governed by
1-17 Chapters 49 and 57, Water Code, unless otherwise provided by this
1-18 Act.
1-19 SECTION 1.02. DEFINITIONS. In this Act:
1-20 (1) "Board" means the board of directors of the Fort
1-21 Bend County Levee Improvement District Number 16.
1-22 (2) "Commissioners court" means the Fort Bend County
1-23 Commissioners Court.
1-24 (3) "County" means Fort Bend County.
2-1 (4) "District" means the Fort Bend County Levee
2-2 Improvement District Number 16.
2-3 SECTION 1.03. BOUNDARIES. (a) The district includes the
2-4 territory contained within the following area:
2-5 Being 2316.899 acres of land located in the M.M. Battle
2-6 League, Abstract 9 and the Alexander Hodges League Abstract 32,
2-7 Fort Bend County, Texas, more particularly being all of those
2-8 certain tracts called 389.137, 282.759 and 960.718 acres described
2-9 as Exhibit A-6, Exhibit A-7 and Exhibit A-9, respectively, and a
2-10 portion of that certain tract called 1093.65 acres, described as
2-11 Exhibit A-8, all conveyed to The State of Texas, State Department
2-12 of Highways and Public Transportation by an instrument of record in
2-13 Volume 2329, Page 50 of the Official Records of Fort Bend County,
2-14 Texas (F.B.C.O.R.), said 2321.591 acres being more particularly
2-15 described in two (2) parts by metes and bounds as follows (all
2-16 bearings based on the Texas State Plane Coordinate System, South
2-17 Central Zone);
2-18 PART 1
2-19 1651.115 ACRES
2-20 BEGINNING at the intersection of the east line of the
2-21 aforementioned 389.137 acres described as Exhibit A-6 and the
2-22 proposed southerly right-of-way line of Texas State Highway No. 6
2-23 (S.H. 6) (width varies);
2-24 Thence, South 01 50'42" East, 7190.30 feet to a point for
2-25 corner in the northerly right-of-way line of U.S. 59 (width
2-26 varies);
2-27 Thence, with said northerly right-of-way line of U.S. 59 the
3-1 following eighteen (18) courses:
3-2 1) South 52 31'20" West, 1040.87 feet to a point for corner;
3-3 2) South 48 11'45" West, 187.66 feet to a point for corner;
3-4 3) South 52 31'25" West, 848.96 feet to a point for corner;
3-5 4) South 74 54'21" West, 252.91 feet to a point for corner;
3-6 5) South 86 11'04" West, 495.72 feet to a point for corner;
3-7 6) North 49 03'57" West, 35.29 feet to a point for corner;
3-8 7) South 86 00'42" West, 160.00 feet to a point for corner;
3-9 8) South 28 16'44" West, 33.59 feet to a point for corner,
3-10 the beginning of a curve whose center bears South
3-11 11 45'03" East;
3-12 9) 605.23 feet along the arc of a curve to the left having a
3-13 radius of 423.00 feet, a central angle of 81 58'45" and a
3-14 chord which bears South 37 15'34" West, 554.91 feet to a
3-15 point for corner at the end of said curve;
3-16 10) South 03 40'10" East, 10.57 feet to a point for corner,
3-17 the beginning of a curve whose center bears South
3-18 86 11'10" West;
3-19 11) 521.28 feet along the arc of a curve to the right having
3-20 a radius of 875.69 feet, a central angle of 34 06'26"
3-21 and a chord which bears South 13 14'23" West, 513.62
3-22 feet to a point for corner at the end of said curve;
3-23 12) South 52 29'44" West, 925.05 feet to a point for corner;
3-24 13) South 52 29'36" West, 435.64 feet to a point for corner;
3-25 14) South 57 03'57" West, 199.79 feet to a point for corner;
3-26 15) South 52 30'48" West, 1944.36 feet to a point for
3-27 corner;
4-1 16) South 50 57'50" West, 904.84 feet to a point for corner;
4-2 17) South 54 07'20" West, 1094.20 feet to a point for
4-3 corner;
4-4 18) South 52 33'57" West, 329.02 feet to a point for corner;
4-5 Thence, North 03 12'03" West, 3818.53 feet to a point for
4-6 corner;
4-7 Thence, North 86 36'48" East, 1806.43 feet to a point for
4-8 corner;
4-9 Thence North 03 32'23" West, 9500.81 feet to a point for
4-10 corner in the southerly right-of-way line of U.S. Highway No. 90-A;
4-11 Thence, with said southerly right-of-way line of U.S. Highway
4-12 No. 90-A the following eight (8) courses:
4-13 1) North 65 39'06" East, 256.30 feet to a point for corner,
4-14 the beginning of a curve whose center bears North
4-15 24 31'32" West;
4-16 2) 680.54 feet along the arc of a curve to the left having a
4-17 radius of 6043.20 feet, a central angle of 06 27'08" and
4-18 a chord which bears North 62 24'54" East, 680.18 feet to
4-19 a point for corner;
4-20 3) North 59 11'59" East, 1248.35 feet to a point for corner;
4-21 4) North 68 00'20" East, 590.07 feet to a point for corner;
4-22 5) North 74 12'26" East, 439.68 feet to a point for corner;
4-23 6) North 80 01'35" East, 189.98 feet to a point for corner;
4-24 7) North 86 16'10" East, 499.86 feet to a point for corner;
4-25 8) South 84 07'12" East, 296.42 feet to a point for corner,
4-26 the beginning of a curve whose center bears North
4-27 45 54'16" East, said point being in the aforementioned
5-1 proposed southerly right-of-way line of S.H. 6;
5-2 Thence, with said proposed southerly right-of-way line of
5-3 S.H. 6 the following eleven (11) courses;
5-4 1) 417.214 feet along the arc of a curve to the left having
5-5 a radius of 1954.86 feet, a central angle of 12 13'45"
5-6 and a chord which bears South 50 12'36" East, 416.45 feet
5-7 to a point for corner at the end of said curve;
5-8 2) South 55 56'26" East, 752.00 feet to a point for corner,
5-9 the beginning of a curve whose center bears North
5-10 36 23'44" East;
5-11 3) 116.03 feet along the arc of a curve to the left having a
5-12 radius of 2844.79 feet, a central angle of 02 20'13" and
5-13 a chord which bears South 54 46'22" East, 116.02 feet to
5-14 a point for corner;
5-15 4) South 48 54'25" East, 174.14 feet to a point for corner;
5-16 5) South 52 44'28" East, 316.76 feet to a point for corner;
5-17 6) South 07 44'31" East, 31.13 feet to a point for corner;
5-18 7) South 62 33'17" East, 162.37 feet to a point for corner;
5-19 8) North 84 27'47" East, 27.26 feet to a point for corner,
5-20 the beginning of a curve whose center bears North
5-21 36 36'08" East;
5-22 9) 288.78 feet along the arc of a curve to the left having a
5-23 radius of 2897.80 feet, a central angle of 05 42'35" and
5-24 a chord which bears South 56 15'10" East, 288.66 feet to
5-25 a point for corner at the end of said curve;
5-26 10) South 59 06'29" East, 683.96 feet to a point for corner,
5-27 the beginning of a curve;
6-1 11) 185.98 fee along the arc of a tangent curve to the right
6-2 having a radius of 2844.79 feet, a central angle of
6-3 03 44'45" and a chord which bears South 57 14'05" East,
6-4 185.95 feet to the POINT OF BEGINNING and containing
6-5 1651.115 acres of land.
6-6 PART 2
6-7 670.476 ACRES
6-8 BEGINNING at the intersection of the east line of the
6-9 aforementioned 1093.65 acres described as Exhibit A-8 and the
6-10 southerly right-of-way line of aforementioned U.S. 59 from which
6-11 the southeast corner of the above described Part 1 bears North
6-12 01 53'45" West, 550.74 feet;
6-13 Thence, South 01 50'42" East, 3087.21 feet to a point for
6-14 corner;
6-15 Thence, North 87 11'58" East, 619.44 feet to a point for
6-16 corner;
6-17 Thence, South 01 55'19" East, 4421.32 feet to a point for
6-18 corner;
6-19 Thence, South 88 02'21" West, 300.99 feet to a point for
6-20 corner;
6-21 Thence, South 01 51'04" East, 976.57 feet to a point for
6-22 corner, the beginning of a curve whose center bears North 37 15'45"
6-23 East;
6-24 Thence, 1227.88 feet along the arc of a curve to the right
6-25 having a radius of 2891.80 feet, a central angle of 24 19'42" and a
6-26 chord which bears North 40 34'24" West, 1218.68 feet to a point for
6-27 corner at the end of said curve;
7-1 Thence, North 28 24'33" West, 378.96 feet to a point for
7-2 corner;
7-3 Thence, North 54 53'42" West, 516.66 feet to a point for
7-4 corner;
7-5 Thence, North 70 18'35" West, 1318.58 feet to a point for
7-6 corner;
7-7 Thence, North 78 25'45" West, 966.06 feet to a point for
7-8 corner;
7-9 Thence, South 89 02'49" West, 2421.07 feet to a point for
7-10 corner;
7-11 Thence, North 77 32'21" West, 496.91 feet to a point for
7-12 corner;
7-13 Thence, North 33 55'33" West, 888.23 feet to a point for
7-14 corner;
7-15 Thence, North 79 49'48" West, 442.63 feet to a point for
7-16 corner;
7-17 Thence, North 42 56'06" West, 75.28 feet to a point for
7-18 corner in the aforementioned southerly right-of-way line of U.S.
7-19 59;
7-20 Thence, with said southerly right-of-way line of U.S. 59 the
7-21 following sixteen (16) courses:
7-22 1) North 50 57'50" East, 1689.20 feet to a point for corner;
7-23 2) North 52 30'48" East, 1921.22 feet to a point for corner;
7-24 3) North 57 03'57" East, 199.96 feet to a point for corner;
7-25 4) North 52 29'36" East, 453.80 feet to a point for corner;
7-26 5) North 52 29'44" East, 400.00 feet to a point for corner;
7-27 6) North 76 03'27" East, 339.22 feet to a point for corner;
8-1 7) North 86 05'07" East, 374.89 feet to a point for corner;
8-2 8) South 49 10'00" East, 35.51 feet to a point for corner;
8-3 9) North 86 05'08" East, 150.00 feet to a point for corner;
8-4 10) North 40 50'00" East, 35.20 feet to a point for corner;
8-5 11) North 86 05'08" East, 31.60 feet to a point for corner,
8-6 the beginning of a curve;
8-7 12) 663.95 feet along the arc of a tangent curve to the left
8-8 having a radius of 423.00 feet, a central angle of
8-9 89 56'00" and a chord which bears North 41 07'08" East,
8-10 597.86 feet to a point for corner;
8-11 13) North 03 52'55" West, 10.00 feet to a point for corner,
8-12 the beginning of a curve whose center bears North
8-13 86 14'21" East;
8-14 14) 576.71 feet along the arc of a curve to the right having
8-15 a radius of 877.19 feet, a central angle of 37 40'10"
8-16 and a chord which bears North 15 04'26" East, 566.38
8-17 feet to a point for corner at the end of said curve;
8-18 15) North 52 31'23" East, 1291.14 feet to a point for
8-19 corner;
8-20 16) North 51 33'03" East, 886.94 feet to the POINT OF
8-21 BEGINNING and containing 670.476 acres of land.
8-22 Said Part 1 and Part 2 containing a total of 2321.591 acres
8-23 of land.
8-24 (b) A mistake in the patents or field notes or in copying
8-25 the patents or field notes in the legislative process does not
8-26 affect the organization, existence, or validity of the district,
8-27 the right of the district to issue bonds or refunding bonds or to
9-1 pay the principal of or interest on issued bonds, the right of the
9-2 district to levy and collect taxes, or the legality or operation of
9-3 the district or its governing board.
9-4 ARTICLE 2. ADMINISTRATIVE PROVISIONS
9-5 SECTION 2.01. BOARD. (a) The district is governed by a
9-6 board of three directors appointed by the commissioners court.
9-7 (b) Except for initial directors, directors serve staggered
9-8 four-year terms, with the terms of one or two directors expiring
9-9 September 1 of each even-numbered year.
9-10 (c) Initial directors shall serve until permanent directors
9-11 are appointed under Section 2.04 of this Act and qualified as
9-12 required by Subsection (e) of this section.
9-13 (d) A director serves until the director's successor has
9-14 qualified as required by Subsection (e) of this section.
9-15 (e) A director must qualify to serve as required by Section
9-16 49.055, Water Code.
9-17 SECTION 2.02. DIRECTOR ELIGIBILITY. (a) Except for initial
9-18 directors, a person must meet the requirements of Section 57.059,
9-19 Water Code, to be eligible to serve as a director. A person must
9-20 be at least 18 years of age and a resident of Fort Bend County or
9-21 Travis County to be eligible to serve as an initial director.
9-22 (b) Notwithstanding Section 49.052, Water Code, employment
9-23 with a state agency, other than the Texas Department of
9-24 Transportation, the General Land Office, or the School Land Board,
9-25 does not disqualify a person from serving as a director.
9-26 (c) An employee of the district may not serve as a director.
9-27 SECTION 2.03. APPOINTMENT OF INITIAL DIRECTORS. (a) The
10-1 School Land Board shall appoint three initial directors as soon as
10-2 practicable after the effective date of this Act. The School Land
10-3 Board shall appoint one initial director to serve a term expiring
10-4 September 1, 2002, and two initial directors to serve terms
10-5 expiring September 1, 2004.
10-6 (b) If a vacancy occurs, the School Land Board shall appoint
10-7 a successor to fill the vacancy and to serve the remainder of the
10-8 unexpired term.
10-9 SECTION 2.04. APPOINTMENT OF PERMANENT DIRECTORS. The
10-10 commissioners court shall appoint one permanent director to serve a
10-11 four-year term beginning September 1, 2002, and two permanent
10-12 directors to serve four-year terms beginning September 1, 2004.
10-13 Every subsequent second year, the commissioners court shall appoint
10-14 the appropriate number of directors.
10-15 SECTION 2.05. MEETINGS AND BOARD ACTIONS. (a) The board may
10-16 establish regular meetings to conduct the business of the district
10-17 and may hold special meetings if necessary as determined by the
10-18 board. The board shall hold a meeting under this section within
10-19 the district unless the board, by a majority vote at a public
10-20 meeting, decides to hold the meeting outside of the district.
10-21 (b) The board may adopt bylaws to govern the affairs of the
10-22 district.
10-23 SECTION 2.06. APPOINTMENT OF BOARD SECRETARY AND TREASURER.
10-24 The board shall appoint a secretary and treasurer. The secretary
10-25 and treasurer may be, but are not required to be, members of the
10-26 board. One person may serve as both secretary and treasurer.
10-27 SECTION 2.07. CONFLICT OF INTEREST: CONTRACT. A director
11-1 who is financially interested in a contract that is proposed to be
11-2 executed by the board for the purchase of property or services or
11-3 for the construction of facilities shall disclose the director's
11-4 interest to the board and may not vote on the acceptance of the
11-5 contract.
11-6 SECTION 2.08. DISTRICT EMPLOYEES. The board may employ a
11-7 general manager and consulting engineers, financial consultants,
11-8 attorneys, and auditors. The general manager shall be responsible
11-9 for:
11-10 (1) administering the board's directives;
11-11 (2) maintaining district records, including minutes of
11-12 board meetings;
11-13 (3) coordinating with federal, state, and local
11-14 agencies;
11-15 (4) developing plans and programs for the board's
11-16 approval;
11-17 (5) hiring, supervising, training, and discharging the
11-18 district's employees;
11-19 (6) obtaining technical, scientific, legal, fiscal, or
11-20 other professional services for the district; and
11-21 (7) performing other duties as assigned by the board.
11-22 SECTION 2.09. EMPLOYEE BONDS. (a) The general manager and
11-23 each employee of the district who is charged with the collection,
11-24 custody, or payment of district money shall execute a fidelity bond
11-25 in an amount determined by the board and in a form and with a
11-26 surety approved by the board.
11-27 (b) The district shall pay the premium on a bond under this
12-1 section.
12-2 SECTION 2.10. PRINCIPAL OFFICE. (a) If the district has
12-3 not issued bonds, the district may maintain its principal office in
12-4 Fort Bend County or Travis County. If the district maintains its
12-5 principal office in Travis County, the district shall maintain
12-6 duplicates of district records in Fort Bend County and make the
12-7 duplicate records available for inspection during regular business
12-8 hours.
12-9 (b) If the district has issued bonds, the district shall
12-10 maintain its principal office in Fort Bend County.
12-11 SECTION 2.11. RECORDS. (a) The district shall keep at its
12-12 principal office:
12-13 (1) a complete and accurate account of the district's
12-14 business transactions in accordance with generally accepted
12-15 accounting methods;
12-16 (2) a complete and accurate record of the minutes of
12-17 board meetings; and
12-18 (3) contracts, documents, and other records of the
12-19 district.
12-20 (b) The district shall permit reasonable public inspection
12-21 of the district's records during regular business hours.
12-22 ARTICLE 3. AUTHORITY OF DISTRICT
12-23 SECTION 3.01. POWERS AND DUTIES. The district shall
12-24 administer and enforce the provisions of this Act and use the
12-25 facilities and powers of the district to accomplish the purposes of
12-26 this Act and Chapter 57, Water Code.
12-27 SECTION 3.02. DISTRICT RULES. (a) The district may adopt
13-1 and enforce rules reasonably required to implement this Act,
13-2 including rules governing procedure and practice before the board.
13-3 (b) The district shall keep a record of the district's rules
13-4 and provide a copy of the rules to a person on written request.
13-5 SECTION 3.03. INSPECTIONS AND INVESTIGATIONS. In addition
13-6 to the powers provided by Section 49.221, Water Code, the district
13-7 may enter public or private property located within the district
13-8 for purposes of inspecting and investigating conditions of the
13-9 property relating to the district's authorized purposes. The
13-10 district shall conduct an inspection or investigation in accordance
13-11 with provisions and restrictions applicable to the Texas Natural
13-12 Resource Conservation Commission.
13-13 SECTION 3.04. HEARINGS AND ORDERS. (a) The board may:
13-14 (1) hold hearings, receive evidence from a party in
13-15 interest who appears before the board, and make findings of fact
13-16 and determinations relating to the administration of this Act or an
13-17 order or rule of the board; and
13-18 (2) delegate the authority to take testimony and
13-19 administer oaths in a hearing held by the district to a member of
13-20 the board or an employee of the district.
13-21 (b) An order of the board must:
13-22 (1) be in the name of the district; and
13-23 (2) be attested to by the appropriate members of the
13-24 board under the district's rules.
13-25 SECTION 3.05. CIVIL PENALTY; INJUNCTION. (a) A person who
13-26 violates a rule, permit, or order of the district is subject to a
13-27 civil penalty in accordance with Chapter 49, Water Code.
14-1 (b) The district may sue to enjoin a threatened or present
14-2 activity or to recover the penalty in a district court in the
14-3 county in which the violation occurred. A penalty recovered under
14-4 this subsection shall be paid to the district.
14-5 SECTION 3.06. FACILITIES. In addition to the authority
14-6 provided by Section 49.218, Water Code, the district may purchase,
14-7 construct, acquire, own, lease, operate, maintain, repair, improve,
14-8 and extend, at any location within or outside of the district,
14-9 land, or an interest in land, a work, an improvement, a facility, a
14-10 plant, equipment, or an appliance that is incident, helpful, or
14-11 necessary to accomplish the purposes of the district.
14-12 SECTION 3.07. USE OF PUBLIC ROADWAYS, STREETS, ALLEYS, OR
14-13 EASEMENTS. The district may use a public roadway, street, alley, or
14-14 easement in Fort Bend County to accomplish the purposes of the
14-15 district. The district is not required to obtain a franchise or
14-16 other governmental agreement to use a roadway, street, alley, or
14-17 easement that is owned by a city if, before using the roadway,
14-18 street, alley, or easement, the district obtains written consent of
14-19 the city to the particular use. The district is not required to pay
14-20 a fee to a city for the use of the roadway, street, alley, or
14-21 easement.
14-22 SECTION 3.08. RELOCATION OF FACILITIES. The district may
14-23 relocate, raise, reroute, or change the grade of, or alter the
14-24 construction of, a highway, railroad, electric transmission line,
14-25 pipeline, canal, or drainage ditch, if considered necessary by the
14-26 board. The district shall pay for any relocation, raising,
14-27 rerouting, changing, or altering under this section, unless
15-1 otherwise agreed in writing by the interested parties.
15-2 ARTICLE 4. GENERAL FISCAL PROVISIONS
15-3 SECTION 4.01. DISBURSEMENT OF MONEY. The district may
15-4 disburse money only by check, draft, order, or other instrument
15-5 signed by a person authorized in the bylaws of the district or by
15-6 board resolution.
15-7 SECTION 4.02. LOANS AND GRANTS. The district may apply for
15-8 and receive a loan or grant from the state or the United States, or
15-9 any agency of the state or the United States, or from a private
15-10 entity, for purposes of exercising the powers of the district.
15-11 SECTION 4.03. DEPOSITORY BANKS. (a) A bank is not
15-12 disqualified from being a depository under this section because an
15-13 officer or a director of the bank is a member of the board.
15-14 (b) An officer or a director of a bank is not disqualified
15-15 from being a member of the board.
15-16 (c) Subject to Sections 49.156 and 49.157, Water Code, the
15-17 board may designate a bank as depository on terms that the board
15-18 finds proper.
15-19 ARTICLE 5. BOND AND TAX PROVISIONS
15-20 SECTION 5.01. TAXES; REVENUE BONDS. (a) For purposes of
15-21 exercising the authority of the district as provided by this Act,
15-22 the district may issue bonds or other obligations that are:
15-23 (1) secured by ad valorem taxes;
15-24 (2) secured by a pledge of all or part of the revenues
15-25 accruing to the district, other than ad valorem taxes; and
15-26 (3) secured by both a pledge of all or part of the
15-27 revenues described by Subdivision (2) of this subsection and ad
16-1 valorem taxes.
16-2 (b) An obligation issued by the district shall be authorized
16-3 by resolution of the board, issued in the name of the district,
16-4 signed by the president or vice president, attested to by the
16-5 secretary, and bear the seal of the district. The signatures of
16-6 the president or vice president and the secretary may be printed or
16-7 lithographed on the obligation. The seal of the district may be
16-8 impressed, printed, or lithographed on the obligation. An
16-9 obligation issued by the district:
16-10 (1) shall be in a form prescribed by the board;
16-11 (2) may be in any denomination;
16-12 (3) shall mature serially or otherwise not later than
16-13 50 years from the date of issuance;
16-14 (4) may bear any interest rate;
16-15 (5) may be sold at a price and under terms determined
16-16 by the board to be the most advantageous available;
16-17 (6) may, in the discretion of the board, be made
16-18 callable before maturity at times and prices as provided in the
16-19 obligation;
16-20 (7) may be made registrable as to principal or
16-21 principal and interest; and
16-22 (8) may be secured by an indenture of trust with a
16-23 corporate trustee.
16-24 (c) An obligation under this section may be issued in more
16-25 than one series as required to carry out the purposes of this Act.
16-26 A pledge of revenue may reserve the right to issue additional
16-27 obligations under conditions specified on the pledge. An
17-1 additional obligation is on a parity with or subordinate to the
17-2 original obligation.
17-3 (d) The district is an issuer for purposes of Chapter 1371,
17-4 Government Code.
17-5 (e) A board resolution authorizing an obligation or a trust
17-6 indenture under this section may include additional terms to
17-7 provide for a corporate trustee or receiver to take possession of
17-8 facilities of the district in the event of default by the district
17-9 relating to the obligation or trust indenture. The additional
17-10 terms, if any, constitute a contract between the district and the
17-11 owner of the obligation.
17-12 (f) The district may not issue bonds that are secured by or
17-13 otherwise encumber permanent school fund land located within the
17-14 district.
17-15 SECTION 5.02. BOND ANTICIPATION NOTES. The district may
17-16 issue bond anticipation notes for purposes of exercising the powers
17-17 of the district. Bond anticipation notes may be secured by a
17-18 pledge of all or part of the revenues of the district. The
17-19 district may authorize the issuance of bonds to pay the principal
17-20 of and interest on bond anticipation notes issued under this
17-21 section. Bond anticipation notes shall be secured by a pledge of
17-22 all or part of the revenues of the district and may be issued on a
17-23 parity with or subordinate to outstanding bonds of the issuer. If
17-24 the resolution or trust agreement authorizing the issuance of bond
17-25 anticipation notes contains a covenant that the notes are payable
17-26 from the proceeds of subsequently issued bonds, the district is not
17-27 required to demonstrate that the revenues that may be pledged to
18-1 the notes are sufficient to pay the principal of and interest on
18-2 the notes for purposes of receiving approval of the attorney
18-3 general or registration by the comptroller.
18-4 SECTION 5.03. REFUNDING BONDS. (a) The district may issue
18-5 refunding bonds to refund outstanding bonds and interest as
18-6 authorized by this Act.
18-7 (b) Refunding bonds may:
18-8 (1) be issued to refund one or more series of
18-9 outstanding bonds;
18-10 (2) combine the pledges for the outstanding bonds for
18-11 the security of the refunding bonds; or
18-12 (3) be secured by additional revenues.
18-13 (c) Refunding bonds may be issued without holding an
18-14 election to authorize the issuance of the bonds.
18-15 (d) Refunding bonds shall be registered by the comptroller
18-16 on surrender and cancellation of the bonds to be refunded or, if
18-17 the resolution authorizing the issuance of refunding bonds provides
18-18 that the bonds shall be sold and the proceeds deposited in the bank
18-19 where the bonds to be refunded are payable, the refunding bonds may
18-20 be issued in an amount sufficient to pay the principal and interest
18-21 of the bonds to be refunded to their option or maturity date. The
18-22 comptroller shall register the refunding bonds without concurrent
18-23 surrender and cancellation of the bonds to be refunded.
18-24 ARTICLE 6. MISCELLANEOUS PROVISIONS
18-25 SECTION 6.01. TAX EXEMPTION. The purposes stated in this
18-26 Act are for the benefit of the people of the state, including the
18-27 improvement of property and industry. The district, in carrying
19-1 out the purposes of this Act, is performing an essential public
19-2 function under the constitution and is not required to pay a tax or
19-3 assessment on a project of the district or on the bonds or notes
19-4 issued by the district under this Act, including the transfer of,
19-5 the income from, and the profits made on the sale of issued bonds
19-6 and notes.
19-7 SECTION 6.02. FINDINGS RELATING TO PROCEDURAL REQUIREMENTS.
19-8 (a) The proper and legal notice of the intention to introduce this
19-9 Act, setting forth the general substance of this Act, has been
19-10 published as provided by law, and the notice and a copy of this Act
19-11 have been furnished to all persons, agencies, officials, or
19-12 entities to which they are required to be furnished by the
19-13 constitution and other laws of this state, including the governor,
19-14 who has submitted the notice and Act to the Texas Natural Resource
19-15 Conservation Commission.
19-16 (b) The Texas Natural Resource Conservation Commission has
19-17 filed its recommendations relating to this Act with the governor,
19-18 lieutenant governor, and speaker of the house of representatives
19-19 within the required time.
19-20 (c) All requirements of the constitution and laws of this
19-21 state and the rules and procedures of the legislature with respect
19-22 to the notice, introduction, and passage of this Act are fulfilled
19-23 and accomplished.
19-24 SECTION 6.03. EFFECTIVE DATE. This Act takes effect
19-25 immediately if it receives a vote of two-thirds of all the members
19-26 elected to each house, as provided by Section 39, Article III,
19-27 Texas Constitution. If this Act does not receive the vote
20-1 necessary for immediate effect, this Act takes effect September 1,
20-2 2001.
_______________________________ _______________________________
President of the Senate Speaker of the House
I certify that H.B. No. 3194 was passed by the House on May
5, 2001, by the following vote: Yeas 140, Nays 0, 2 present, not
voting; and that the House concurred in Senate amendments to H.B.
No. 3194 on May 25, 2001, by the following vote: Yeas 112, Nays 0,
2 present, not voting.
_______________________________
Chief Clerk of the House
I certify that H.B. No. 3194 was passed by the Senate, with
amendments, on May 22, 2001, by the following vote: Yeas 30, Nays
0, 1 present, not voting.
_______________________________
Secretary of the Senate
APPROVED: __________________________
Date
__________________________
Governor