CHAPTER 1252. REVOCATION OF AUTHORITY TO ISSUE BONDS
GOVERNMENT CODE
TITLE 9. PUBLIC SECURITIES
SUBTITLE C. PROVISIONS APPLICABLE TO SECURITIES ISSUED BY MORE
THAN ONE TYPE OF LOCAL GOVERNMENT
CHAPTER 1252. REVOCATION OF AUTHORITY TO ISSUE BONDS
Sec. 1252.001. ELECTION TO REVOKE AUTHORITY. The commissioners
court of a county or the governing body of a municipality may
order an election to determine whether to revoke the authority to
issue bonds that:
(1) compose all or part of an issue authorized by an earlier
election; and
(2) have not as of the date of the order been sold or delivered.
Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1,
1999.
Sec. 1252.002. ELECTION PROCEDURE. (a) An election to revoke
bonds under this chapter shall be held in the same manner as the
election originally authorizing the bonds.
(b) In an election held under Subsection (a), the ballot shall
be printed to permit voting for or against the proposition: "The
revocation of bonds."
(c) If a revocation election covers bonds of more than one voted
issue, there shall be a separate proposition for each voted
issue.
Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1,
1999.
Sec. 1252.003. REVOCATION AND CANCELLATION OF BONDS. (a) If
the proposition to revoke the bonds receives the number of votes
required by the statute under which the bonds were originally
voted, the authority to issue the bonds is revoked.
(b) If the bonds have not been printed, a certified copy of the
order or resolution showing that the authority to issue the bonds
has been revoked and the minutes relating to the order or
resolution shall be sent to the attorney general.
(c) If the bonds have been approved by the attorney general and
registered by the comptroller, a certified copy of the order or
resolution and the minutes relating to the order or resolution
shall be sent to the attorney general and comptroller.
(d) If the bonds have been printed, the commissioners court or
municipal governing body shall destroy the bonds by canceling and
burning the bonds.
Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1,
1999.