Sec. 383.026. PLEDGE OF OTHER UTILITY REVENUE; ELECTION. (a) In addition to the security under Section 383.025, a municipality's or county's bonds may be secured, as specified by the resolution or a security agreement, by a pledge of other utility revenue of the municipality or county.
(b) Before issuing bonds secured by other utility revenue, the governing body must order an election to determine whether the bonds may be issued. The governing body shall set the date of the election in accordance with Section 41.001, Election Code. The manner of holding the election is governed by Chapter 1251, Government Code. If the majority of voters who vote at the election approve the issuance of the bonds, the governing body may issue the bonds.
Acts 1989, 71st Leg., ch. 678, Sec. 1, eff. Sept. 1, 1989. Amended by Acts 2001, 77th Leg., ch. 1420, Sec. 8.272, eff. Sept. 1, 2001.
Structure Texas Statutes
Title 5 - Sanitation and Environmental Quality
Chapter 383 - Clean Air Financing Act
Section 383.021. Authority to Issue
Section 383.022. Form and Procedure
Section 383.024. Approval and Registration
Section 383.025. Pledge of Revenue as Security; Election
Section 383.026. Pledge of Other Utility Revenue; Election
Section 383.027. Security May Apply to Additional Bonds
Section 383.028. Trusts as Security
Section 383.029. Other Security
Section 383.030. Action by Bondholders
Section 383.031. Investment and Use of Proceeds
Section 383.032. Refunding Bonds