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Texas Statutes (Last Updated: January 4, 2014) |
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TRANSPORTATION CODE |
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Title 6. ROADWAYS |
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Subtitle K. MASS TRANSPORTATION |
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Chapter 451. METROPOLITAN RAPID TRANSIT AUTHORITIES |
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Subchapter H. BONDS |
Sec. 451.362. SHORT-TERM BONDS
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(a) Notwithstanding other provisions of this chapter and except as provided by Subsections (c) and (d), the board, by order or resolution, may issue bonds that are secured by revenue or taxes of the authority if the bonds:
(1) have a term of not more than 12 months; and
(2) are payable only from revenue or taxes received on or after the date of their issuance and before the end of the fiscal year following the fiscal year in which the bonds are issued.
(b) A bond issued under this section need not be approved by the attorney general or registered with the comptroller.
(c) In an authority in which the principal municipality has a population of 1.5 million or more, bonds may have a term of not more than five years. The bonds are payable only from revenue on taxes received on or after the date of their issuance.
(d) In an authority created before 1980 in which the principal municipality has a population of less than 1.9 million, bonds may have a term of not more than 10 years. The bonds are payable only from fee revenue received on or after the date the bonds are issued.