Tex. Gov't Code § 1471.029 · Subchapter B. ISSUANCE OF BONDS
ELECTION FOR REPURCHASE AND CANCELLATION OF BONDS.
Text — Current through the 89th 2nd Called Legislative Session, 2025
(a) On receipt of a petition signed by at least 50 registered voters of the political subdivision issuing the bonds, the commissioners court shall order an election to determine whether road bonds in an amount equal to the unexpended and unpledged proceeds remaining from the sale of bonds issued under this chapter shall be repurchased, canceled, and revoked.
(b) The commissioners court shall hold an election ordered under Subsection (a) in the same manner as the election at which the bonds were originally authorized.
(c) The commissioners court may advertise for and repurchase the outstanding bonds from the holders if two-thirds of the voters voting in the election approve the repurchase, cancellation, and revocation.
(d) After repurchasing the bonds, the commissioners court shall:
(1) cancel and burn the bonds; and
(2) forward to the comptroller a certified copy of the minutes of the commissioners court showing the repurchase, cancellation, and destruction of the bonds.
(e) On receipt of a copy under Subsection (d)(2), the comptroller shall promptly cancel the registration of the bonds.
Notes and commentary — not statutory text
History
Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999.
Source of truth
- Edition
- Current through the 89th 2nd Called Legislative Session, 2025
- Official file
- https://statutes.capitol.texas.gov/Docs/GV/htm/GV.1471.htm
- Text hash
- sha256 1672c1ab4dbca4f2216280291589ce04a5c7cb455b931a5920f6e3ad9f19dfc1
- 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
Procedural information only. Not legal advice and not a substitute for the advice of an attorney. Confirm the current text with the official publisher before relying on it.