Tex. Gov't Code Section 1471.085
Terms and Form of Compensation Bonds; Use of Surplus Bonds

(a)

County bonds issued for a purpose described by Section 1471.081 (Election Authorized)(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.
Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999.

Source: Section 1471.085 — Terms and Form of Compensation Bonds; Use of Surplus Bonds, https://statutes.­capitol.­texas.­gov/Docs/GV/htm/GV.­1471.­htm#1471.­085 (accessed Apr. 20, 2024).

1471.001
Applicability of Chapter 1471.002
Conflicts of Law 1471.011
Authority to Issue Road Bonds 1471.012
Emergency Notes 1471.013
Tax Anticipation Notes 1471.014
Bond Anticipation Notes 1471.015
Election on Issuance of Bonds: County 1471.016
Petition for Election on Issuance of Bonds: Precinct or Road District 1471.017
Hearing on and Determination of Petition: Precinct or Road District 1471.018
Notice of Election 1471.019
Results of Election 1471.020
Effect of Lack of Notice 1471.021
Maturity 1471.022
Designation of Bonds 1471.023
Disposition of Bond Proceeds 1471.024
Duties of County Treasurer 1471.025
Disbursement of Bond Proceeds by County Treasurer 1471.026
Investment of Sinking Funds 1471.027
Use of Bond Proceeds Outside Road District 1471.028
Use of Surplus Sinking Fund 1471.029
Election for Repurchase and Cancellation of Bonds 1471.051
Alternate Refunding Bonds and Certificates of Assessment Authorized 1471.052
Assessment as Security 1471.053
Maturity 1471.054
Preparation of Assessment 1471.055
Notice of Hearing 1471.056
Imposition of Assessment 1471.057
Appeal of Assessment 1471.058
Reassessment 1471.059
Adjustment of Values Following Reassessment 1471.060
Lien for Unpaid Assessment 1471.061
Issuance and Form of Certificates 1471.062
Assessments Considered Taxes 1471.081
Election Authorized 1471.082
Issuance of County Bonds 1471.083
Exchange of Bonds 1471.084
Deposit of County Bonds as Guarantee 1471.085
Terms and Form of Compensation Bonds 1471.086
Creation of Road District Containing Entire Territory of Existing District 1471.087
Creation of Road District Containing Portion of Territory of Existing District
Green check means up to date. Up to date

Accessed:
Apr. 20, 2024

§ 1471.085’s source at texas​.gov