Tex. Gov't Code § 1471.085 · Subchapter D. COMPENSATION BONDS
TERMS AND FORM OF COMPENSATION BONDS; USE OF SURPLUS BONDS.
Text — Current through the 89th 2nd Called Legislative Session, 2025
(a) County bonds issued for a purpose described by Section 1471.081(c) or (d) shall:
(1) be issued in similar denominations, bear the same rate of interest, and have the same date of maturity and similar payment options as the outstanding bonds of the commissioners or justice precinct or road district; and
(2) in all respects be similar to the outstanding precinct or district bonds except that the bonds:
(A) are county obligations instead of precinct or district obligations; and
(B) shall be dated after the election at which the county bonds were authorized.
(b) County bonds issued in excess of the amount required to exchange, offset, and retire the outstanding precinct or district bonds must mature within 40 years.
(c) The proceeds of county bonds issued in excess of the amount required to exchange, offset, and retire the outstanding precinct or district bonds shall be credited to the available road fund of the county. The commissioners court may spend the proceeds throughout the county only:
(1) to construct, maintain, or operate a macadamized, graveled, or paved road or turnpike; or
(2) in aid of a purpose described by Subdivision (1).
(d) Except as provided by this subchapter, the issuance and sale of bonds authorized by this subchapter and the imposition of taxes for the bonds shall be as required by law for other county 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 1f7c1a2984c00b422e13f317eca8407dcf5f23962b9abd6640010da610456736
- 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
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