Texas § GV.1471.015 - ELECTION ON ISSUANCE OF BONDS

§ GV.1471.015. ELECTION ON ISSUANCE OF BONDS

ELECTION ON ISSUANCE OF BONDS: COUNTY. (a) On the motion of the commissioners court or on receipt of a petition signed by a number of registered voters of the county equal to at least one percent of the total votes cast in the county in the most recent general election for governor, the court at a regular or special session shall order an election to be held in the county to determine whether the county shall: (1) issue bonds to: (A) construct, maintain, or operate a macadamized, graveled, or paved road or turnpike; or (B) aid a purpose described by Paragraph (A); and (2) impose taxes on all property in the county subject to taxation to pay the interest on the bonds and to provide a sinking fund for the redemption of the bonds at maturity. (b) A petition submitted under Subsection (a) that designates a particular road or project or a portion of a road or project must be accompanied by a written estimate of the cost of the road or project prepared by the county engineer at the expense of the county. (c) In addition to the requirements provided by Chapters 3 and 4 , Election Code, the election order and notice of election under this section must state: (1) the purpose for which the bonds are to be issued; (2) the amount of the bonds; (3) the rate of interest; and (4) that ad valorem taxes will be imposed annually on all taxable property in the county in amounts sufficient to pay the bonds at maturity. Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999.