Tex. Gov't Code § 1253.002 · Chapter 1253. GENERAL OBLIGATION BONDS ISSUED BY POLITICAL SUBDIVISIONS
LIMITATION ON AUTHORITY TO ISSUE GENERAL OBLIGATION BONDS.
Text — Current through the 89th 2nd Called Legislative Session, 2025
(a) In this section, "personal property" has the meaning assigned by Section 1.04, Tax Code.
(b) Notwithstanding any other provision of law, a political subdivision may not issue general obligation bonds to purchase, improve, or construct one or more improvements to real property, to purchase one or more items of personal property, or to do both, if the weighted average maturity of the issue of bonds exceeds 120 percent of the reasonably expected weighted average economic life of the improvements and personal property financed with the issue of bonds.
Notes and commentary — not statutory text
History
Added by Acts 2019, 86th Leg., R.S., Ch. 726 (H.B. 440), Sec. 3, eff. September 1, 2019.
Source of truth
- Edition
- Current through the 89th 2nd Called Legislative Session, 2025
- Official file
- https://statutes.capitol.texas.gov/Docs/GV/htm/GV.1253.htm
- Text hash
- sha256 36a4082177ae6ebce79b254d872b43e0e1e09cd8b1105046af536cebd2f2029c
- Composed by
- compose_tx.py 2026-10-05: the Legislative Council's chapter files read in document order; verify_tx.py's independent reading (lxml DOM walk) agrees character for character
This section cites
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