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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 G. SPECIFIC AUTHORITY FOR STATE GOVERNMENT TO ISSUE SECURITIES |
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Chapter 1403. GENERAL OBLIGATION BONDS FOR CERTAIN BORDER COLONIA PROJECTS |
Sec. 1403.003. SET-ASIDE FOR COLONIAS LOCATED IN RURAL BORDER COUNTIES
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(a) In this section:
(1) "Border colonia" means a border colonia as defined by commission rule under Section 1403.002.
(2) "Rural border county" means a county that:
(A) has a population of less than 55,000; and
(B) is adjacent to an international border.
(3) "Set-aside" means a reservation of a portion of the proceeds from the sale of general obligation bonds and notes under this chapter to provide financial assistance for specific colonia access roadway projects proposed by rural border counties.
(b) The authority shall set aside an amount equal to 10 percent of the proceeds from each sale of general obligation bonds and notes under this chapter to provide financial assistance for colonia access roadway projects designed to pave roads serving border colonias located in rural border counties.
(c) The authority, as directed by the Texas Department of Transportation, shall provide a grant from the set-aside on a priority basis to a rural border county that proposes to pave for the first time a road serving a border colonia located in that county.