General and Special Laws of The State of Texas Passed By The Second Called Session of the Sixty-Eighth Legislature and the Regular Session of the Sixty-Ninth Legislature Page: 58
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68th LEGIS-2nd CALLED SESSION
to pay the current interest on the refunding bonds and to pay the principal as it
matures. (V.A.C.S. Art. 752x.)
"Section 4.439. BONDS VALIDATED; TAX LEVY. (a) All road bonds that have been
voted and authorized before September 22, 1932, by any political subdivisions, or by any road
district, in accordance with the provisions and requirements of Article III, Section 52, of the
Texas Constitution, and that were not issued and sold before September 22, 1932, are
validated. The commissioners court of the county including the political subdivision or road
district may make and enter any and all orders and provisions necessary for the purpose of
issuing and selling the bonds so authorized to be issued by the qualified electors of the political
subdivision or road district. The court may levy general ad valorem taxes on all taxable property
situated in the political subdivision or road district as the taxable property appears on the
assessment rolls for state and county taxes in amount sufficient to pay the interest on the bonds
and the principal on the bonds at maturity. The bonds, when approved by the attorney general,
registered by the state comptroller, and delivered, shall be the general, direct, and binding
obligations of the political subdivision or road district issuing the bonds.
"(b) It is hereby expressly found that the property in all political subdivisions and road
districts the bonds of which are validated by this section will be benefited by the improvements
proposed to be made with the proceeds of the bonds to an amount not less than the taxes that
will be levied against the property for the purpose of paying principal of and interest on the
bonds. (V.A.C.S. Art. 752y.)
"Section 4.440. COUNTY ROAD BONDS VALIDATED. (a) In all instances in which
counties acting by and through their commissioners courts have before March 13, 1934, lawfully
sold a part or parts of an issue of road bonds approved by the attorney general at a price of not
less than their par value and the purchase money shall have been placed in the county treasury of
the county in accordance with Section 4.424 of this Act, and thereafter the counties acting
through their commissioners courts have permitted certain bonds of the issue or issues still
owned and held by the counties to be exchanged for bonds of the issue or issues previously
lawfully sold, and under circumstances that the counties actually receive bonds of the same issue
or issues in identical amounts as the bonds surrendered by the county in the exchange or
exchanges, the acts of the counties by and through their respective commissioners courts in
permitting the exchanges, in surrendering the bonds in the exchange or exchanges, and in
receiving for the use and benefit of the counties the bonds in exchange are validated as if the
bonds thus delivered by the county have been delivered in accordance with law and the county
received full value for the bonds. The bonds received by the county in exchange for those bonds
are the property of the county and subject to sale and resale in accordance with law.
"(b) This section does not apply in a case in which a county depository or treasury was
designated to act as such and was, at the time of the transfer or exchange of the bonds, located in
some county other than the county in which the bonds were originally voted. (V.A.C.S. Art.
"Section 4.441. REFUNDING ROAD BONDS IN COUNTIES LANDS OF WHICH
ARE PURCHASED FOR REFORESTATION. The commissioners court of any county in
which the United States government has purchased (or shall purchase) or has designated a
purchase unit of at least 25 percent in area of the land in the county for reforestation and other
purposes may, with the consent of the holders of at least 80 percent of the bonds described in this
section, refund, under the provisions of existing law, the road bonds of the county or of any road
district or political subdivision of the county, which bonds participate in the county and road
district highway fund, into one or more series of refunding bonds. The court may provide that
the eligibility of the bonds being refunded shall be distributed among the various series of
refunding bonds in the amounts, or none, as may be agreed on. The eligibility, in dollars and
cents, of bonds whose owners do not agree to the distribution shall not be affected. (V.A.C.S.
"Section 4.442. UNISSUED ROAD BONDS VALIDATED. (a) All road bonds voted and
authorized before May 16, 1947, together with the levy of a tax to redeem them by a two-thirds
majority vote of the qualified voters under authority of Article III, Section 52, of the Texas
Constitution, but which bonds are unissued and unsold, in all or any road districts or political
subdivisions in any county in the state that embraces within its boundaries all or any portion of a
previously created road district or road districts that has or have outstanding road bonds issued
under authority of Article III, Section 52, of the Texas Constitution, but for which the
outstanding road bonds of the included district or districts no compensation bonds were voted,
authorized, or issued by the road district or political subdivision so embracing the road district,
districts, or portions thereof, are in all things validated. All proceedings had by the
commissioners court of any county including the road district or political subdivision the bonds
of which are validated, in calling the election, the conduct of the election, canvassing returns of
election, and all other proceedings incident to the authorization of the bonds are validated. The
CH 8, SEC 1
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Texas. Legislature. General and Special Laws of The State of Texas Passed By The Second Called Session of the Sixty-Eighth Legislature and the Regular Session of the Sixty-Ninth Legislature, legislative document, 1985; [Austin, Texas]. (https://texashistory.unt.edu/ark:/67531/metapth221803/m1/62/: accessed May 22, 2019), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu; crediting UNT Libraries Government Documents Department.