Texas Transportation Code

§ 452.363 — ALTERNATE ELECTION PROCEDURES FOR CERTAIN AUTHORITIES

TN § 452.363Title 6. ROADWAYS · Part K. MASS TRANSPORTATION · Ch. 452. REGIONAL TRANSPORTATION AUTHORITIES · Art. H. BONDS

Statute text

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(a)The executive committee of an authority in which more than one municipality is holding an election under Section 452.362 may provide for a proposition, ballot, and election order under this section if the committee finds that:

(1)the proceeds of long-term bonds are needed continuously to acquire, construct, and equip the public transportation system;

(2)financing through the issuance of bonds is the best available method to provide transportation services at the earliest practicable date for the residents of its service area, including all municipalities; and

(3)the construction needed to provide those services will take longer than five years.

(b)The official proposition must read substantially as follows: "PROPOSITION "Shall (name of authority) be authorized to pledge its _____ cent (insert amount) sales and use tax revenues to the payment of bonds or notes having a maturity longer than five years for the purpose of acquiring, constructing, and equipping the authority's transportation system in order to provide transportation services for the residents of the cities of (list cities included in service area)?"

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Legislative history

Acts 1995, 74th Leg., ch. 165, Sec. 1, eff. Sept. 1, 1995.