Sec. 453.302. POWER TO ISSUE BONDS. (a) A transit department may issue revenue bonds at any time and for any amounts it considers necessary or appropriate for:
(1) the acquisition, construction, repair, equipping, improvement, or extension of its transit system; or
(2) the construction or general maintenance of streets of the creating municipality.
(b) Bonds payable solely from revenues may be issued by resolution of the board.
(c) Bonds, other than refunding bonds, any portion of which is payable from tax revenue, may not be issued until authorized by a majority vote of the voters of the municipality voting in an election.
Acts 1995, 74th Leg., ch. 165, Sec. 1, eff. Sept. 1, 1995.
Structure Texas Statutes
Subtitle K - Mass Transportation
Chapter 453 - Municipal Transit Departments
Section 453.302. Power to Issue Bonds
Section 453.305. Approval; Registration
Section 453.306. Incontestability
Section 453.307. Security Pledged
Section 453.308. Pledge of Revenue Limited
Section 453.309. Refunding Bonds