81st Texas Legislature, Senate Bill 1876, Chapter 557 Page: 2 of 6
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S.B. No. 1876
1 (2) pledge any part of the revenue of the public
2 transportation system;
3 (3) mortgage any part of the public transportation
4 system regardless of when acquired; or
5 (4) pledge government grants, contractual revenue, or
6 lease revenue.
7 SECTION 3. Subchapter G, Chapter 460, Transportation Code,
8 is amended by adding Section 460.509 to read as follows:
9 Sec. 460.509. OBLIGATIONS AND CREDIT AGREEMENTS. An
10 authority may issue obligations and enter into credit agreements
11 under Chapter 1371, Government Code.
12 SECTION 4. Subdivision (4), Section 1371.001, Government
13 Code, is amended to read as follows:
14 (4) "Issuer" means:
15 (A) a home-rule municipality that:
16 (i) adopted its charter under Section 5,
17 Article XI, Texas Constitution;
18 (ii) has a population of 50,000 or more; and
19 (iii) has outstanding long-term
20 indebtedness that is rated by a nationally recognized rating agency
21 for municipal securities in one of the four highest rating
22 categories for a long-term obligation;
23 (B) a conservation and reclamation district
24 created and organized as a river authority under Section 52,
25 Article III, or Section 59, Article XVI, Texas Constitution;
26 (C) a joint powers agency organized and operating
27 under Chapter 163, Utilities Code;2
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Texas. Legislature. Senate. 81st Texas Legislature, Senate Bill 1876, Chapter 557, legislative document, June 19, 2009; [Austin, Texas]. (https://texashistory.unt.edu/ark:/67531/metapth149473/m1/2/: accessed April 24, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu; crediting UNT Libraries Government Documents Department.