Sec. 130.126. LONG-TERM NOTES. (a) The governing board of a public junior college district or regional college district located in one or more counties having a total population of at least 100,000 according to the last preceding federal census may issue notes to pay expenses of asbestos cleanup and removal in the district.
(b) Notes issued under this section must be secured by a designated portion of the issuer's revenues, which may include ad valorem maintenance taxes, and must mature not later than the first day of the 15th year after the date on which the notes are issued.
(c) A note issued under this section is debt under Section 26.012, Tax Code.
(d) Except as provided by Subsection (b) of this section, the governing board of a public junior college district or regional college district must issue the notes in the manner provided by Chapter 1201, Government Code.
Added by Acts 1991, 72nd Leg., 1st C.S., ch. 4, Sec. 15.01, eff. Aug. 22, 1991. Amended by Acts 2001, 77th Leg., ch. 1420, Sec. 8.227, eff. Sept. 1, 2001.
Structure Texas Statutes
Subtitle G - Non-Baccalaureate System
Chapter 130 - Junior College Districts
Subchapter G. Fiscal Provisions
Section 130.121. Tax Assessment and Collection
Section 130.122. Tax Bonds and Maintenance Tax
Section 130.1221. Credit Agreements in Certain Junior College Districts
Section 130.123. Revenue Bonds
Section 130.124. Use of Student Fees in Construction
Section 130.125. Revenue Obligations
Section 130.126. Long-Term Notes
Section 130.127. Refunding Notes
Section 130.128. Sale of Notes
Section 130.129. Interest Rate
Section 130.130. Notes Are Not Tax Bonds
Section 130.1305. Texas Commission on Community College Finance