Tex. Gov't Code § 1507.151 · Subchapter D. TAX BONDS FOR PAYMENT OF CURRENT EXPENSES
AUTHORITY TO ISSUE BONDS.
Text — Current through the 89th 2nd Called Legislative Session, 2025
(a) The governing body of a municipality by ordinance may issue bonds secured by and payable from ad valorem taxes to provide for the payment of all or part of the municipality's current expenses for a fiscal year if:
(1) in that fiscal year the municipality has lost or is likely to lose an amount that is:
(A) more than $15 million; and
(B) more than 15 percent of the municipality's budget for the fiscal year, not including the amount necessary for debt service; and
(2) the loss or potential loss is the result of a person who received municipal funds seeking or acceding to protection under Title 11, United States Code.
(b) A determination by the municipality's governing body that a loss has occurred or is likely to occur, or of the amount of a loss or anticipated loss, is conclusive.
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.1507.htm
- Text hash
- sha256 27c6b9a639b44d119c650d0dba07f64b404c08fcd9a709d98ca36b486ae8e0dc
- 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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