Tex. Spec. Dist. Local Laws Code Section 5010.0501
Authority to Issue Bonds; Election; Taxes for Bonds

(a)

The district may issue bonds when the board finds that the bonds are necessary by an order entered of record in the board’s minutes. The district may issue bonds to obtain money for any lawful purpose provided for in this chapter that the board considers necessary.

(b)

The board shall direct the district engineer to prepare an estimate of the cost of necessary repairs, extensions, or additional improvements, together with all expenses incident to those repairs, extensions, or additional improvements, or the board on the board’s own motion may prepare such an estimate.

(c)

The board shall order an election to be held to determine whether district bonds shall be issued in an amount sufficient to pay the costs and expenses contained in the estimate prepared under Subsection (b). The election shall be held in accordance with Chapter 1251 (Bond Elections), Government Code. The board shall perform the duties and do all acts and things provided to be done by the governing body of a municipality, as provided by that chapter. The ballots at the election shall be printed as required by Chapter 1251 (Bond Elections), Government Code.

(d)

If bonds have been voted, the board shall impose an annual ad valorem tax on all taxable property in the district sufficient to:

(1)

pay the interest on the bonds;

(2)

create a sinking fund to redeem and discharge the bonds at maturity; and

(3)

pay the expense of imposing the tax.
Added by Acts 2019, 86th Leg., R.S., Ch. 495 (H.B. 4666), Sec. 1, eff. September 1, 2019.

Source: Section 5010.0501 — Authority to Issue Bonds; Election; Taxes for Bonds, https://statutes.­capitol.­texas.­gov/Docs/SD/htm/SD.­5010.­htm#5010.­0501 (accessed Apr. 29, 2024).

5010.0101
Definitions 5010.0102
Nature and Purpose of District 5010.0103
Legislative Findings 5010.0104
District Territory 5010.0105
Liberal Construction of Chapter 5010.0201
Board of Port Commissioners 5010.0202
Elections 5010.0203
Placing Candidate on Ballot 5010.0204
Commissioner’s Oath and Bond 5010.0205
Compensation of Commissioners 5010.0206
Vacancies 5010.0207
Officers and Employees 5010.0208
Delegation 5010.0209
Surety Bond 5010.0210
District Office 5010.0211
Meetings 5010.0212
Conflict of Interest 5010.0301
General and Navigation District Powers 5010.0302
Powers Regarding Wharves, Docks, and Other Facilities 5010.0303
Powers Regarding Wharfage, Charges, and Rates for District Facilities 5010.0304
Limitation on Certain Powers 5010.0305
Powers Concurrent with Those of Sabine-neches Navigation District of Jefferson County, Texas 5010.0306
Bylaws and Rules 5010.0307
Acquisition of Property 5010.0308
Mortgage or Forced Sale of Certain District Facilities 5010.0309
General Authority to Make Contracts and Execute Instruments 5010.0310
Authority to Sue and Be Sued 5010.0311
Seal 5010.0401
Depository 5010.0402
Accounts, Contracts, and Other Records 5010.0403
Filing Copies of Audit Report 5010.0404
Procedure for Distribution of Money 5010.0405
Authority to Borrow Money, Accept Grants, and Issue Associated Bonds 5010.0406
Authority to Borrow Money for Current Expenses 5010.0407
Ad Valorem Tax for Maintenance and Operations 5010.0408
Imposition of District Tax by Commissioners Court 5010.0409
Statute of Limitations Inapplicable 5010.0501
Authority to Issue Bonds 5010.0502
Form of Bonds 5010.0503
Maturity 5010.0504
Revenue Bonds 5010.0505
Refunding Bonds 5010.0601
Definition 5010.0602
Reporting of Cargo and Vessel Movements 5010.0603
Effect on Other Districts 5010.0604
Taxation Prohibited
Green check means up to date. Up to date

Accessed:
Apr. 29, 2024

§ 5010.0501’s source at texas​.gov