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A BILL TO BE ENTITLED
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AN ACT
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relating to the issuance of bonds by a municipality for certain |
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improvements on the state highway system; providing authority to |
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impose a tax. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Subtitle J, Title 9, Government Code, is amended |
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by adding Chapter 1510 to read as follows: |
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CHAPTER 1510. BONDS FOR HIGHWAY PROJECTS OR FACILITIES |
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Sec. 1510.001. DEFINITION. In this chapter, "state highway |
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system" means the highways in this state included in the plan |
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providing for a system of state highways prepared under Section |
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201.103, Transportation Code. |
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Sec. 1510.002. AUTHORITY TO ISSUE BONDS. (a) A |
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municipality may issue bonds to provide funds for the design, |
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development, financing, construction, maintenance, operation, |
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extension, expansion, or improvement of a nontoll project or |
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facility on the state highway system located in the municipality |
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or, as a continuation of the project or facility, in an adjacent |
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jurisdiction. |
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(b) To provide for the payment of bonds issued under this |
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section, a municipality may: |
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(1) pledge revenue from any available source, |
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including payments received under an agreement with the Texas |
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Department of Transportation including Section 222.104, |
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Transportation Code; |
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(2) pledge, levy, and collect taxes, subject to any |
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constitutional limitation; or |
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(3) pledge any combination of revenue and taxes |
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described by Subdivisions (1) and (2). |
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(c) Any election required to permit action under Subsection |
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(b) must be held in conformance with the Election Code or other law |
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applicable to the municipality. |
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(d) A municipality that issues bonds under this section may |
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exercise any of the rights and powers granted to the governing body |
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of an issuer under Chapter 1371. |
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(e) A bond issued under this section must mature not later |
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than 40 years after its date of issuance. |
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(f) This section is wholly sufficient authority for the |
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issuance of bonds, the pledge of revenues, taxes, or any |
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combination of revenues and taxes, and the performance of other |
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acts and procedures authorized by this section by a municipality |
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without reference to any other provision of law or any restriction |
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or limitation contained in those provisions, except as specifically |
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provided by this section. To the extent of any conflict or |
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inconsistency between this section and any other law, this section |
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shall prevail and control. A municipality may use any law not in |
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conflict with this section to the extent convenient or necessary to |
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carry out any power or authority, expressed or implied, granted by |
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this section. |
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SECTION 2. This Act takes effect immediately if it receives |
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a vote of two-thirds of all the members elected to each house, as |
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provided by Section 39, Article III, Texas Constitution. If this |
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Act does not receive the vote necessary for immediate effect, this |
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Act takes effect September 1, 2007. |