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Texas Statutes (Last Updated: January 4, 2014) |
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LOCAL GOVERNMENT CODE |
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Title 8. ACQUISITION, SALE, OR LEASE OF PROPERTY |
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Subtitle C. ACQUISITION, SALE, OR LEASE PROVISIONS APPLYING TO MORE THAN ONE TYPE OF LOCAL GOVERNMENT |
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Chapter 271. PURCHASING AND CONTRACTING AUTHORITY OF MUNICIPALITIES, COUNTIES, AND CERTAIN OTHER LOCAL GOVERNMENTS |
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Subchapter C. CERTIFICATE OF OBLIGATION ACT |
Sec. 271.047. AUTHORIZATION OF CERTIFICATES BY ORDINANCE OR ORDER; OTHER PROVISIONS IN CERTIFICATES
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(a) Certificates may be authorized by an ordinance adopted by the governing body of a municipality, or by an order adopted by the governing body of a county after compliance with the quorum requirements prescribed by Section 81.006.
(b) The governing body may:
(1) make the certificates payable at times and places determined by the governing body;
(2) issue the certificates in forms and one or more denominations, either in coupon form or registered as to principal and interest, or both;
(3) make the certificates contain options for redemption before scheduled maturity; and
(4) make the certificates contain any other provisions the governing body desires.
(c) A certificate may not mature over a period greater than 40 years from the date of the certificate and may not bear interest at a rate greater than that allowed by Chapter 1204, Government Code.