Sec. 54.103. ELECTION. (a) Obligations payable from ad valorem taxes, other than refunding obligations, may be issued only if authorized by a majority of the qualified voters voting at an election held under Chapter 1251, Government Code.
(b) Notwithstanding any law or charter provision to the contrary, an election is not required to authorize the issuance under this chapter of obligations payable solely from revenue if:
(1) the obligations are not:
(A) a debt of the municipality; or
(B) a pledge of the faith and credit of the municipality; and
(2) the owner or holder of an obligation is not entitled to demand payment from money raised by taxation.
Added by Acts 1999, 76th Leg., ch. 227, Sec. 20, eff. Sept. 1, 1999.
Structure Texas Statutes
Subtitle A - Waterways and Ports
Chapter 54 - Harbor and Port Facilities in Certain Municipalities
Section 54.102. Authority of Municipality to Issue Obligations
Section 54.104. Authority of Board to Issue Obligations
Section 54.105. Limitation on Aggregate Amount of Expense Warrants
Section 54.106. Maturity of Obligation
Section 54.108. Sale of Obligations
Section 54.110. Review and Approval of Contracts Relating to Revenue Obligations
Section 54.111. Security for and Payment of Obligations Payable From Revenue
Section 54.112. Use of Certain Proceeds
Section 54.113. Lease or Sale of Port Improvements and Facilities