Tex. Transp. Code § 460.502 · Subchapter G. BONDS AND NOTES
POWER TO ISSUE BONDS.
Text — Current through the 89th 2nd Called Legislative Session, 2025
(a) An authority may issue bonds at any time and for amounts the executive committee determines are appropriate.
(b) The bonds may be issued as necessary for:
(1) the acquisition, construction, repair, improvement, or extension of an authority's public transportation system; or
(2) the creation or funding of self-insurance or retirement or pension fund reserves.
(c) A bond issued by the authority may have a maturity of up to 30 years from the date of issuance.
(d) A bond any portion of which is secured by a pledge of sales and use tax revenues and that has a maturity of five years or longer from the date of issuance may not be issued by an authority until an election has been held in the municipalities in which the authority has been authorized to impose a sales and use tax and the proposition proposing the issue has been approved by a majority of the votes received on the issue.
(e) Subsection (d) does not apply to the issuance of refunding bonds or bonds described by Subsection (b)(2).
Notes and commentary — not statutory text
History
Added by Acts 2001, 77th Leg., ch. 1186, Sec. 1, eff. Sept. 1, 2001. Amended by Acts 2003, 78th Leg., ch. 306, Sec. 8, eff. Sept. 1, 2003.
Amended by:
Acts 2009, 81st Leg., R.S., Ch. 557 (S.B. 1876), Sec. 1, eff. September 1, 2009.
Acts 2009, 81st Leg., R.S., Ch. 928 (H.B. 3070), Sec. 1, eff. September 1, 2009.
Source of truth
- Edition
- Current through the 89th 2nd Called Legislative Session, 2025
- Official file
- https://statutes.capitol.texas.gov/Docs/TN/htm/TN.460.htm
- Text hash
- sha256 d2819e4e43db30327e2de1a818a33d5f91f38b349d1924f8221b4dead7c03fe2
- 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.