Texas Transportation Code

§ 453.302 — POWER TO ISSUE BONDS

TN § 453.302Title 6. ROADWAYS · Part K. MASS TRANSPORTATION · Ch. 453. MUNICIPAL TRANSIT DEPARTMENTS · Art. G. BONDS

Statute text

(a)A transit department may issue revenue bonds at any time and for any amounts it considers necessary or appropriate for:

(1)the acquisition, construction, repair, equipping, improvement, or extension of its transit system; or

(2)the construction or general maintenance of streets of the creating municipality.

(b)Bonds payable solely from revenues may be issued by resolution of the board.

(c)Bonds, other than refunding bonds, any portion of which is payable from tax revenue, may not be issued until authorized by a majority vote of the voters of the municipality voting in an election.

Legislative history

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