Sec. 1431.008. AD VALOREM TAXES AS SOURCE OF PAYMENT. (a) A governing body may not issue anticipation notes that are payable from bonds secured by an ad valorem tax unless the proposition authorizing the issuance of the bonds:
(1) is approved by a majority of the votes cast in an election held by the issuer; and
(2) states that anticipation notes may be issued.
(b) A governing body that pledges to the payment of anticipation notes an ad valorem tax to be imposed in a subsequent fiscal year shall impose the tax in the ordinance or order that authorizes the issuance of the notes.
Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999.
Structure Texas Statutes
Subtitle H - Specific Authority for More Than One Type of Local Government to Issue Securities
Chapter 1431 - Anticipation Notes
Section 1431.002. Authority to Issue Anticipation Notes
Section 1431.003. Additional Authority of Counties and Certain Municipalities
Section 1431.004. Uses of Anticipation Note Proceeds
Section 1431.005. General Limitation
Section 1431.006. Limitation on Notes to Pay Expenses
Section 1431.007. General Sources of Payment
Section 1431.008. Ad Valorem Taxes as Source of Payment
Section 1431.010. Sale of Notes
Section 1431.011. Attorney General Approval of Certain Notes
Section 1431.012. Restriction on Certain Contracts Payable From Proceeds of Notes
Section 1431.013. Conflict With Other Laws
Section 1431.014. Certain Notes for Rural Economic Development
Section 1431.015. Certain Notes or Other Obligations for Emergency Financing