Sec. 306.055. TAX BONDS. (a) The board may not issue any bonds payable in whole or in part from ad valorem taxes.
(b) The board may receive and expend the proceeds of bonds that are payable from taxes and have been issued by the governing body of the municipality for park purposes after the bonds have been authorized at an election held in the manner required by law.
Acts 1987, 70th Leg., ch. 149, Sec. 1, eff. Sept. 1, 1987.
Structure Texas Statutes
Title 10 - Parks and Other Recreational and Cultural Resources
Subtitle A - Municipal Parks and Other Recreational and Cultural Resources
Chapter 306 - Park Board and Park Bonds: Municipalities With Population of More Than 40,000
Section 306.051. Revenue Bonds
Section 306.052. Bond Approval and Registration
Section 306.053. Bonds as Negotiable Instruments and Authorized Investments