Sec. 140.001. RELIEF UNDER FEDERAL BANKRUPTCY LAWS FOR MUNICIPALITY, TAXING DISTRICT, OR OTHER POLITICAL SUBDIVISION. (a) A municipality, taxing district, or other political subdivision that is subject to this section may proceed under all federal bankruptcy laws intended to relieve municipal indebtedness.
(b) A municipality is subject to this section if it has the power to incur indebtedness through the action of its governing body. A taxing district or other political subdivision is subject to this section if it has the power to incur indebtedness either through the action of its governing body or through that of the county or municipality in which it is located.
(c) The officials and governing body of the municipality, taxing district, or other political subdivision may adopt all proceedings and take any action necessary or convenient to fully avail the entity of the federal bankruptcy laws.
Acts 1987, 70th Leg., ch. 149, Sec. 1, eff. Sept. 1, 1987.
Structure Texas Statutes
Subtitle C - Financial Provisions Applying to More Than One Type of Local Government
Section 140.002. Investments by Political Subdivision in Defense Bonds and Other Federal Obligations
Section 140.005. Annual Financial Statement of School, Road, or Other District
Section 140.006. Publication of Annual Financial Statement by School, Road, or Other District
Section 140.007. Least Cost Review Program
Section 140.008. Annual Report of Certain Financial Information
Section 140.009. Contract for Collection of Amounts in Civil Cases
Section 140.012. Fiscal Year of Certain Political Subdivisions Created on or After September 1, 2019
Section 140.013. Balance Billing for County and Municipal Ambulance Services