Sec. 1474.058. APPROVAL AND ISSUANCE OF NOTES. (a) If at least two-thirds of the votes received at the election favor issuing the notes, the commissioners court may issue and sell the notes for the benefit of the county and for the purposes authorized.
(b) The commissioners court by order shall:
(1) direct the issuance of the notes; and
(2) provide for the annual imposition of a tax sufficient to pay the current interest and provide a sinking fund for the payment of the principal of the notes at maturity.
Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999.
Structure Texas Statutes
Subtitle I - Specific Authority for Counties to Issue Securities
Chapter 1474 - Bonds for County Water Improvements
Subchapter B. Election Provisions
Section 1474.051. Bonds for More Than One Purpose
Section 1474.052. Petition for Bond Election
Section 1474.053. Requirement to State Characteristics of Bonds
Section 1474.054. Election for Issuing Bonds
Section 1474.055. Order Issuing Bonds and Imposing Tax
Section 1474.056. Election for Issuing Notes: Order and Notice
Section 1474.057. Election for Issuing Notes: Ballot and Returns