81st Texas Legislature, Regular Session, Senate Bill 1540, Chapter 85 Page: 63 of 126
The following text was automatically extracted from the image on this page using optical character recognition software:
s.B. No. 1540
an political subdivisions, public or private corporations, and any
otier person. (V.A.C.S. Artl 6550c, Sec. 5(k) (part).)
:Sec. 172.254. DEPOSITORY.- (a) The board by resolution
sY allname one or more banks for.the deposit of district funds.
.' 4i (b) District funds are public funds and may be invested in
securities permitted by Chapter 2256, Government Code.
~i:(ic) To the extent district funds are not insured by the
Federal Deposit Insurance Corporation or its successor, the funds
shall be collateralized in the manner provided for county funds.
(V.AC.S. Art. 6550c, Sec. 5(q).)
ec. 172.255. APPLICABILITY OF PUBLIC PROPERTY FINANCING
LAW; OIBITION ON AD VALOREM TAX. A district may use the
procedures provided by Chapter 271, Local Government Code, to
finance the district's rail facilities, except to the extent of a
conflict with this chapter, and except that the district may not
impose an ad valorem tax. (V.A.C.S. Art. 6550c, Sec. 6A(a).)
Sec. 172.256. NONNEGOTIABLE PURCHASE MONEY NOTES; BOND
ANTICIPATION NOTES. (a) A district may:
(1) issue nonnegotiable purchase money notes, payable
lin .,installments and secured by the property being acquired or
constructed, to acquire or construct rail facilities; or
(2) secure the obligation of the notes by a pledge or
by issuing bonds, including bond anticipation notes.
(b) A district may covenant with the purchaser of bond
anticipation notes that the proceeds of one or more particular
series of bonds will be used for the ultimate payment of the
purchase money notes or bond anticipation notes. (V.A.C.S.
i U ii!
Here’s what’s next.
This document can be searched. Note: Results may vary based on the legibility of text within the document.
Citing and Sharing
Basic information for referencing this web page. We also provide extended guidance on usage rights, references, copying or embedding.
Reference the current page of this Legislative Document.
Texas. Legislature. Senate. 81st Texas Legislature, Regular Session, Senate Bill 1540, Chapter 85, legislative document, May 20, 2009; [Austin, Texas]. (texashistory.unt.edu/ark:/67531/metapth310917/m1/63/: accessed April 29, 2017), University of North Texas Libraries, The Portal to Texas History, texashistory.unt.edu; crediting UNT Libraries Government Documents Department.