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Texas Statutes (Last Updated: January 4, 2014) |
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GOVERNMENT CODE |
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Title 9. PUBLIC SECURITIES |
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Subtitle E. PROVISIONS APPLICABLE TO SECURITIES ISSUED BY MUNICIPALITIES |
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Chapter 1331. MUNICIPAL BONDS |
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Subchapter B. PROVISIONS APPLICABLE TO CERTAIN MUNICIPALITIES |
Sec. 1331.051. LIMITATION ON BONDED DEBT: MUNICIPALITY WITH POPULATION OF 750,000 OR MORE
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(a) This section applies only to a municipality with a population of 750,000 or more.
(b) The municipality, through the issuance of bonds payable from taxes, may incur total bonded debt in an amount not to exceed 10 percent of the total appraised value of property listed on the most recent appraisal roll for the municipality notwithstanding that the municipal charter limits the total dollar amount of bonded debt to a lesser amount.
Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999. Amended by: Acts 2011, 82nd Leg., R.S., Ch. 1163 , Sec. 22, eff. September 1, 2011. Acts 2011, 82nd Leg., R.S., Ch. 1163 , Sec. 23, eff. September 1, 2011.