Sec. 454.021. AUTHORITY TO ISSUE. (a) A municipality may issue bonds and notes from time to time and in the amounts it considers necessary or appropriate for acquiring, constructing, improving, or extending a mass transportation system.
(b) Bonds or notes issued under this chapter are fully negotiable and may be made redeemable before maturity, at the option of the issuing municipality, at the price and under the terms fixed by the issuing municipality in the ordinance authorizing the bonds or notes.
(c) Bonds or notes issued under this chapter shall be sold for the price the governing body of the municipality determines to be in the best interest of the municipality.
(d) Subject to the restrictions in this chapter, the governing body of a municipality may fix the form, conditions, and details of bonds and notes issued under this chapter.
Acts 1995, 74th Leg., ch. 165, Sec. 1, eff. Sept. 1, 1995.
Structure Texas Statutes
Subtitle K - Mass Transportation
Chapter 454 - Municipal Mass Transportation Systems
Subchapter B. Revenue Bonds and Notes
Section 454.021. Authority to Issue
Section 454.022. Notice of Ordinance Authorizing Issuance
Section 454.023. Petition for Election
Section 454.025. Encumbrance of Transportation System
Section 454.026. Transportation System Franchise
Section 454.027. Operating Expenses as Lien on Revenue
Section 454.028. Obligation of Transportation System Not Municipal Debt