Sec. 601.044. DURATION. (a) An authority ceases to exist 25 years after the date it is created, except that the municipality that created the authority may extend its existence for not more than 10 years by filing a certified ordinance with the secretary of state.
(b) An authority continues to exist until its liabilities and bonds issued by its board or by the municipality on its behalf have been paid.
(c) When an authority ceases to exist, its rights and property pass to the municipality.
Acts 1987, 70th Leg., ch. 149, Sec. 1, eff. Sept. 1, 1987.
Renumbered from Local Government Code, Section 431.044 by Acts 2007, 80th Leg., R.S., Ch. 885 (H.B. 2278), Sec. 3.76(d)(2), eff. April 1, 2009.
Structure Texas Statutes
Title 14 - Parking and Transportation
Subtitle A - Municipal Parking Provisions
Chapter 601 - Municipal Authority Relating to Parking
Subchapter B. Municipal Parking Authorities
Section 601.022. Creation of Authority
Section 601.023. Protest Petition
Section 601.024. Composition of Board
Section 601.025. Compensation and Liability
Section 601.026. Powers of Board
Section 601.027. Powers of an Authority
Section 601.028. Charges for Use of Facility
Section 601.029. Financing; Bonds
Section 601.030. Revenue Bonds
Section 601.031. Resolution Authorizing Issuance of Revenue Bonds
Section 601.032. Deed of Trust
Section 601.033. Pledged Contract
Section 601.034. Rights and Remedies of Bondholder
Section 601.035. Bonds Exempt From Taxation
Section 601.036. Eligibility for Investment
Section 601.038. Examination of Accounts
Section 601.039. Conveyance of Property
Section 601.040. Acquisition of Real Property
Section 601.041. Tax-Exempt Status