Sec. 1501.153. PETITION; ELECTION. (a) If, before the certificates of indebtedness are authorized, a petition is filed with the secretary or clerk of the municipality protesting the issuance of the certificates that is signed by at least five percent of the registered voters of the municipality, the municipality may not issue the certificates unless a proposition for the issuance of the certificates is approved at an election held for that purpose.
(b) The governing body shall hold the election in the manner provided by Chapter 1251 for a bond election.
Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999.
Structure Texas Statutes
Subtitle J - Specific Authority for Municipalities to Issue Securities
Chapter 1501 - Obligations for Municipal Utilities
Section 1501.151. Authority to Issue Certificates of Indebtedness
Section 1501.152. Notice of Intention to Issue Certificates of Indebtedness
Section 1501.153. Petition; Election
Section 1501.155. Signatures; Seal
Section 1501.156. Sale of Certificates