Sec. 1475.003. AUTHORITY TO ISSUE BONDS AND IMPOSE TAXES. To pay for an action authorized by Section 1475.002, a county may, on the approval of at least two-thirds of the qualified voters of the county who vote on the measure:
(1) issue bonds or warrants or otherwise lend its credit in addition to its other debt and in an amount not to exceed one-fourth of the taxable value of the real property in the county; and
(2) impose taxes to pay the interest on and to provide a sinking fund for the redemption of the debt.
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 1475 - County Bonds and Warrants for Navigation Purposes
Subchapter A. Right-of-Way for Federal Navigation Projects
Section 1475.001. Purpose; Liberal Construction
Section 1475.002. Authority to Acquire Right-of-Way and Dumping Privileges
Section 1475.003. Authority to Issue Bonds and Impose Taxes
Section 1475.005. Duties of Commissioners Court After Voter Approval
Section 1475.006. Investment of Sinking Fund
Section 1475.007. Issuance of Bonds and Warrants; Use of Proceeds