Texas § GV.1507.151 - AUTHORITY TO ISSUE BONDS
Full text of Texas The Texas Constitution § GV.1507.151 — AUTHORITY TO ISSUE BONDS, with citation guidance and answers to common questions.
§ GV.1507.151. AUTHORITY TO ISSUE BONDS
AUTHORITY TO ISSUE BONDS. (a) The governing body of a municipality by ordinance may issue bonds secured by and payable from ad valorem taxes to provide for the payment of all or part of the municipality's current expenses for a fiscal year if: (1) in that fiscal year the municipality has lost or is likely to lose an amount that is: (A) more than $15 million; and (B) more than 15 percent of the municipality's budget for the fiscal year, not including the amount necessary for debt service; and (2) the loss or potential loss is the result of a person who received municipal funds seeking or acceding to protection under Title 11, United States Code. (b) A determination by the municipality's governing body that a loss has occurred or is likely to occur, or of the amount of a loss or anticipated loss, is conclusive. Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999.
Frequently Asked Questions About Texas § GV.1507.151
What does The Texas Constitution § GV.1507.151 cover?
Section GV.1507.151 ("AUTHORITY TO ISSUE BONDS") is part of the The Texas Constitution, the codified statutory law of Texas. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Texas § GV.1507.151?
A common citation format is "The Texas Constitution § GV.1507.151" (Texas). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Texas law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Texas official source linked on this page or consult a licensed Texas attorney.
How does Texas § GV.1507.151 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Texas can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Texas.