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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 I. SPECIFIC AUTHORITY FOR COUNTIES TO ISSUE SECURITIES |
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Chapter 1471. BONDS FOR COUNTY ROADS |
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Subchapter D. COMPENSATION BONDS |
Sec. 1471.086. CREATION OF ROAD DISTRICT CONTAINING ENTIRE TERRITORY OF EXISTING DISTRICT
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(a) If a road district is created that contains all of the territory of an existing commissioners or justice precinct or road district that has outstanding road bonds, the newly created district:
(1) shall fully compensate the existing precinct or district in an amount equal to the amount of outstanding road bonds; and
(2) may issue bonds to:
(A) purchase or construct roads in the existing precinct or district;
(B) further construct, maintain, or operate macadamized, graveled, or paved roads or turnpikes in the new district; or
(C) aid in a purpose described by Paragraph (A) or (B).
(b) The compensation shall be made and the bonds issued in the form and manner for county bonds under Sections 1471.081-1471.085 except that the petition must be signed by 50 or a majority of the registered voters of the new district.