Sec. 1371.052. TRANSPORTATION AUTHORITY OBLIGATION; ELECTION. (a) A transportation authority created, organized, and operating under Chapter 452, Transportation Code, may not issue an obligation, other than a refunding obligation, that is payable in whole or in part from its sales and use tax revenue and has a maturity longer than five years unless an election required by Section 452.352(b), Transportation Code, has been held and the proposition has been approved.
(b) An obligation that is exempt from the election requirement of Section 452.352(b), Transportation Code, by the terms of Chapter 452, Transportation Code, is also exempt from the election requirement of this section.
Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999.
Structure Texas Statutes
Subtitle F - Specific Authority for State or Local Government to Issue Securities
Chapter 1371 - Obligations for Certain Public Improvements
Subchapter B. Issuance and Approval of Obligation
Section 1371.051. Authority to Issue Obligation
Section 1371.052. Transportation Authority Obligation; Election
Section 1371.0521. Independent School District Obligation
Section 1371.053. Obligation Authorization
Section 1371.054. Rate of Interest
Section 1371.055. Execution of Obligation
Section 1371.056. Authority to Enter Into and Execute Credit Agreements
Section 1371.058. Registration
Section 1371.059. Validity and Incontestability
Section 1371.060. Refinancing, Renewal, or Refunding of Obligation or Credit Agreement