Title GV, Government Code

Sec. 1505.155. SECURITY FOR PAYMENT OF OBLIGATIONS. (a) A municipality may secure the payment of an obligation issued under this subchapter by: (1) mortgaging the physical property acquired or constructed or to be acquired or constructed and pledging the net revenue derived from …

Sec. 1505.156. OBLIGATIONS NOT PAYABLE FROM TAXES. (a) An obligation issued under this subchapter: (1) is not a debt of the municipality; (2) may be a charge only against the revenue or property pledged for the payment of the obligation; and (3) may not be included in determining…

Sec. 1505.157. MATURITY. An obligation issued under this subchapter must mature not later than 40 years after its date. Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999.

Sec. 1505.158. OPERATING EXPENSES AS FIRST LIEN. The expenses of operating and maintaining a fish market acquired or constructed under this subchapter, including all salaries, labor, materials, and repairs necessary to permit the market to provide efficient service, are a first l…

Sec. 1505.159. USE OF REVENUE. Except as provided by Section 1505.160, a municipality may only use the gross revenue of a fish market acquired or constructed under this subchapter: (1) to pay the expenses of operating and maintaining the market; (2) after payment of operating and…

Sec. 1505.160. SUBORDINATE OBLIGATIONS. (a) If the governing body of a municipality considers it necessary to extend or enlarge the fish market, the governing body may: (1) issue subordinate bonds or notes; and (2) pledge the revenue of the fish market to the payment of those bon…

Sec. 1505.161. LEASE AND SALE OF FACILITIES. Subject to any prior covenant or agreement relating to an outstanding revenue bond issued to acquire or construct a fish market under this subchapter, the governing body of a municipality may: (1) lease all or part of the facilities of…

Sec. 1505.201. APPLICABILITY OF SUBCHAPTER. This subchapter applies only to a municipality that: (1) has a population of less than 12,000; and (2) is located on the Gulf of Mexico or a channel, canal, bay, or inlet connected with that gulf. Added by Acts 1999, 76th Leg., ch. 227,…

Sec. 1505.202. DEFINITIONS. In this subchapter: (1) "Bond authorization" means an ordinance or resolution authorizing the issuance of bonds. (2) "Harbor improvement or facility" means a harbor, port, or navigational facility described by Section 1505.203. Added by Acts 1999, 76th…

Sec. 1505.203. AUTHORITY TO ISSUE REVENUE BONDS. (a) A municipality may issue revenue bonds to construct, acquire, lease, improve, enlarge, extend, repair, maintain, replace, develop, operate, regulate, or encumber a harbor or port of the municipality or a navigational facility t…

Sec. 1505.204. AUTHORITY TO ACCEPT LOANS AND GRANTS. For a purpose described by Section 1505.203, a municipality may accept a loan or grant from any source, including: (1) the United States, a state, or a county; and (2) an agency of a state or county. Added by Acts 1999, 76th Le…

Sec. 1505.205. LOCATION OF HARBOR IMPROVEMENT OR FACILITY. A harbor improvement or facility financed by bonds or a loan or grant authorized under this subchapter must be located inside municipal boundaries. Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999.

Sec. 1505.206. PLEDGE OF REVENUE. (a) In this section, "net revenue" means the gross revenue derived from a harbor improvement or facility less the amount necessary to pay the cost of maintaining and operating the harbor improvement or facility. (b) A bond issued under this subch…

Sec. 1505.207. GRANT OF FRANCHISE. As additional security for the encumbrance, a municipality that encumbers a harbor improvement or facility under Section 1505.203 may provide in the encumbrance for a grant, to a purchaser under sale or foreclosure, of a franchise to operate the…

Sec. 1505.208. BONDS NOT PAYABLE FROM TAXES. (a) A bond issued under this subchapter: (1) is not a debt of the municipality; and (2) may be a charge only against the property, facilities, and contracts authorized by the bond authorization. (b) Each bond issued under this subchapt…

Sec. 1505.209. ELECTION. (a) A municipality may not issue bonds under this subchapter unless the issuance is authorized by a majority of the qualified voters voting at an election held for that purpose under Chapter 1251. (b) The governing body of the municipality shall hold the …

Sec. 1505.210. ADDITIONAL BONDS. The bond authorization may reserve the right to issue additional bonds on a parity with, or subordinate to, the bond being issued, subject to the conditions prescribed by the bond authorization. Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff.…

Sec. 1505.211. TRANSFER OF PLEDGED REVENUE. (a) A municipality may, in the bond authorization, transfer pledged revenue from the harbor improvement or facility to the general fund of the municipality. (b) The transferred revenue: (1) must be in the amount authorized in the bond a…

Sec. 1505.212. RATES. The governing body of the municipality shall set the rates for municipal charges, rents, and leases and for services rendered by the municipality in connection with a harbor improvement or facility, the revenue of which is pledged, in an amount sufficient to…

Sec. 1505.213. APPOINTMENT OF RECEIVER. (a) On default or threatened default in the payment of principal of or interest on an issue of bonds under this subchapter, a court may, on petition of the holders of 25 percent of the outstanding bonds, appoint a receiver with authority to…

Sec. 1505.214. EXEMPTION FROM ASSESSMENT OR TAXATION. (a) A municipality is not required to pay any assessment on a harbor improvement or facility. (b) A bond issued under this subchapter, the transfer of the bond, and the income from the bond, including any profit made from the …

Sec. 1505.215. AUTHORITY TO ISSUE REFUNDING BONDS. A municipality by resolution may issue refunding bonds to refund outstanding bonds, and the interest on those bonds, issued by the municipality under this subchapter. Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, …

Sec. 1505.216. TERMS OF ISSUANCE OF REFUNDING BONDS. (a) Refunding bonds may: (1) be issued under this subchapter to refund bonds of: (A) a single issue or two or more consecutive issues; or (B) a single series or two or more consecutive series; (2) combine the pledges related to…

Sec. 1505.217. REGISTRATION OF REFUNDING BONDS BY COMPTROLLER. (a) The comptroller shall register the refunding bonds on the surrender and cancellation of the bonds to be refunded. (b) In lieu of issuing bonds to be registered on the surrender and cancellation of the bonds to be …

Sec. 1505.251. APPLICABILITY OF SUBCHAPTER. This subchapter applies only to a general-law municipality that: (1) has a population of 5,000 or less; and (2) is located on the Gulf of Mexico or a channel, canal, bay, or inlet connected with that gulf. Added by Acts 1999, 76th Leg.,…

Sec. 1505.252. AUTHORITY FOR HARBOR, WHARF, AND DOCK FACILITIES. A municipality may purchase, condemn, construct, own, maintain, improve, repair, operate, or lease: (1) a wharf, pier, pavilion, dock, harbor, or boat basin; and (2) another facility associated with a facility liste…

Sec. 1505.253. AUTHORITY TO ISSUE BONDS. A municipality may: (1) issue bonds for a purpose described by Section 1505.252 and provide for the payment of the principal of and interest on the bonds from the income of the facility, including income from leasing the facility, less the…

Sec. 1505.254. ELECTION. (a) The governing body of a municipality may not issue bonds under this subchapter that are payable from ad valorem taxes unless authorized by a majority of the qualified voters voting at an election. (b) The governing body of a municipality may issue bon…