Title TN, Transportation Code

Sec. 460.501. DEFINITION. In this subchapter, "bond" includes a note. Added by Acts 2001, 77th Leg., ch. 1186, Sec. 1, eff. Sept. 1, 2001.

Sec. 460.502. POWER TO ISSUE BONDS. (a) An authority may issue bonds at any time and for amounts the executive committee determines are appropriate. (b) The bonds may be issued as necessary for: (1) the acquisition, construction, repair, improvement, or extension of an authority'…

Sec. 460.503. BOND TERMS. The bonds of an authority are fully negotiable. An authority may make the bonds redeemable before maturity. The terms and conditions of authority bonds are subject to rules adopted by the board of directors. Added by Acts 2001, 77th Leg., ch. 1186, Sec. …

Sec. 460.504. SALE. An authority's bonds may be sold at a public or private sale as determined by the board of directors to be the more financially beneficial. Added by Acts 2001, 77th Leg., ch. 1186, Sec. 1, eff. Sept. 1, 2001. Amended by: Acts 2007, 80th Leg., R.S., Ch. 326 (H.…

Sec. 460.505. INCONTESTABILITY. An authority's bonds are incontestable after the bonds are: (1) approved by the attorney general; (2) registered by the comptroller of public accounts; and (3) sold to the purchaser. Added by Acts 2001, 77th Leg., ch. 1186, Sec. 1, eff. Sept. 1, 20…

Sec. 460.506. SECURITY PLEDGED. To secure the payment of an authority's bonds, the authority may: (1) pledge all or part of revenue realized from any tax that is approved and levied; (2) pledge any part of the revenue of the public transportation system; (3) mortgage any part of …

Sec. 460.507. REFUNDING BONDS. An authority may issue refunding bonds at any time. Added by Acts 2001, 77th Leg., ch. 1186, Sec. 1, eff. Sept. 1, 2001. Amended by Acts 2003, 78th Leg., ch. 306, Sec. 11, eff. Sept. 1, 2003.

Sec. 460.508. NOTES. (a) An authority may issue negotiable notes payable from any of the authority's sources of revenue to pay for any lawful expenditure, other than principal and interest on the authority's debt. (b) Notes issued by an authority shall be payable over a period no…

Sec. 460.509. OBLIGATIONS AND CREDIT AGREEMENTS. An authority may issue obligations and enter into credit agreements under Chapter 1371, Government Code. Added by Acts 2009, 81st Leg., R.S., Ch. 557 (S.B. 1876), Sec. 3, eff. September 1, 2009. Added by Acts 2009, 81st Leg., R.S.,…

Sec. 460.551. SALES AND USE TAX. (a) The board of directors may impose for an authority a sales and use tax at the rate of: (1) one-quarter of one percent; (2) three-eighths of one percent; (3) one-half of one percent; (4) five-eighths of one percent; (5) three-quarters of one pe…

Sec. 460.552. MAXIMUM TAX RATE IN AUTHORITY AREA. (a) An authority may not adopt a sales and use tax rate, including a rate increase, that when combined with the rates of all sales and use taxes imposed by other political subdivisions having territory in the authority exceeds two…

Sec. 460.553. INITIAL SALES TAX: EFFECTIVE DATE. The adoption of a sales and use tax takes effect on the first day of the first calendar quarter after the confirmation election. Added by Acts 2001, 77th Leg., ch. 1186, Sec. 1, eff. Sept. 1, 2001.

Sec. 460.554. RATE DECREASE. The board of directors by order may direct the comptroller of public accounts to collect the authority's sales and use tax at a rate that is lower than the rate approved by the voters at the confirmation hearing if the board of directors determines th…

Sec. 460.601. DEFINITION. In this subchapter, "tax increment" means the amount of revenue generated from ad valorem taxes, sales and use taxes imposed by a municipality under Section 321.101(a), Tax Code, or both ad valorem and sales and use taxes that are attributable to a publi…

Sec. 460.602. PARTICIPATION IN SERVICE PLAN; AGREEMENT WITH MUNICIPALITY. (a) A service plan may be implemented in an area of a municipality that has not authorized the authority's sales and use tax levy if: (1) the authorization by the municipality of the authority's sales and u…

Sec. 460.603. DESIGNATION OF PUBLIC TRANSPORTATION FINANCING AREA. The governing body of a municipality by ordinance may designate a contiguous geographic area in the jurisdiction of the municipality to be a public transportation financing area. The geographic area: (1) must have…

Sec. 460.604. HEARING. (a) Before adopting an ordinance designating a public transportation financing area, the municipality must hold a public hearing on the creation of the public transportation financing area and its benefits to the municipality and to property in the proposed…

Sec. 460.605. DESIGNATION OF TAX INCREMENT. (a) In the ordinance designating an area as a public transportation financing area, the municipality must: (1) designate a portion or amount of the tax increment to be paid to the authority and deposited in the tax increment account und…

Sec. 460.606. TAX INCREMENT ACCOUNT; USE OF TAXES. (a) An authority that enters into an agreement with a municipality to provide services to a public transportation financing area must establish a tax increment account and maintain the account as a fiduciary of the municipality. …

Sec. 460.607. AGREEMENT WITH COMPTROLLER. Before pledging or otherwise committing money in the tax increment account under Section 460.606, the governing body of a municipality must enter into an agreement under Subchapter E, Chapter 271, Local Government Code, to authorize and d…

Sec. 460.608. ACCOUNTING OF MAINTENANCE AND OPERATING EXPENSES. An authority shall, under an agreement under Section 460.602: (1) provide to the municipality an annual accounting, with supporting documentation, of the annual maintenance and operating expenses of providing service…

Sec. 460.609. CAPITAL RECOVERY FEE. An agreement to provide services to a public transportation financing area may require the municipality to pay the authority a capital recovery fee. An authority that requires a capital recovery fee shall: (1) apply toward the amount owed for t…

Sec. 460.610. USE OF SURPLUS TAX INCREMENT PAYMENT AMOUNTS. After any applicable capital recovery fee has been paid, the authority and the municipality shall negotiate to determine use of the amount of tax increment payments that exceeds the amount necessary to compensate the aut…

Sec. 460.611. TERMINATION OF PUBLIC TRANSPORTATION FINANCING AREA. If the tax increment is pledged to the payment of bonds and interest on the bonds or to the payment of any other obligations, the public transportation financing area or an agreement for services under Section 460…