Tex. Gov't Code Section 1507.151
Authority to Issue Bonds

(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.
Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999.

Source: Section 1507.151 — Authority to Issue Bonds, https://statutes.­capitol.­texas.­gov/Docs/GV/htm/GV.­1507.­htm#1507.­151 (accessed May 18, 2024).

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Accessed:
May 18, 2024

§ 1507.151’s source at texas​.gov