reglab/housing_qa huggingface dataset:
TX Water Code § 51.438 (2021)
2021 Texas Statutes|Water Code|Title 4 - General Law Districts|Chapter 51 - Water Control and Improvement Districts|Subchapter K. Issuance of Bonds|Section 51.438. Refunding Bonds

Sec. 51.438.  REFUNDING BONDS.  (a)  A district may issue bonds to refund all or any part of its outstanding bonds, notes, or other obligations including matured but unpaid interest coupons.(b)  Refunding bonds shall mature serially or otherwise not more than 40 years from their date and shall bear interest at any rate or rates permitted by the constitution and laws of this state.(c)  Refunding bonds may be made payable from the same source as the bonds, notes, or other obligations being refunded or from other additional sources.(d)  The refunding bonds must be approved by the attorney general in the manner provided by law for other bonds of the district and shall be registered by the comptroller on the surrender and cancellation of the bonds being refunded.(e)  The orders or resolutions authorizing the issuance of the refunding bonds may provide that the refunding bonds will be sold and the proceeds deposited in the place or places at which the bonds being refunded are payable, in which case the refunding bonds may be issued before the cancellation of the bonds being refunded.  If refunding bonds are issued before cancellation of the other bonds, an amount which, when added to the earnings and profits from the investment of such amount, is sufficient to pay the interest on and principal of the bonds being refunded to their maturity dates, or to their option dates if the bonds have been duly called for payment prior to maturity according to their terms, shall be deposited in the place or places at which the bonds being refunded are payable.(f)  The comptroller shall register refunding bonds without the surrender and cancellation of bonds being refunded.(g)  A refunding may be accomplished in one or in several installment deliveries.(h)  Refunding bonds are investment securities under Chapter 8, Business & Commerce Code.(i)  In lieu of the method provided by this section, a district may refund bonds, notes, or other obligations as provided by the general law of the state.|Acts 1971, 62nd Leg., p. 344, ch. 58, Sec. 1, eff. Aug. 30, 1971.  Amended by Acts 1985, 69th Leg., ch. 215, Sec. 1, eff. Sept. 1, 1985.|
TX Water Code § 51.439 (2021)
2021 Texas Statutes|Water Code|Title 4 - General Law Districts|Chapter 51 - Water Control and Improvement Districts|Subchapter K. Issuance of Bonds|Section 51.439. Limitation of Authority to Incur Debt and Issue Bonds

Sec. 51.439.  LIMITATION OF AUTHORITY TO INCUR DEBT AND ISSUE BONDS.  (a)  For the benefit of purchasers or holders of bonds to be issued or sold, the board of a district operating under the provisions of Article XVI, Section 59, of the Texas Constitution, may limit the authority of the district to incur debt or issue bonds.(b)  The board shall limit the authority by adopting a resolution which states that during a period of not more than 15 years the district will not issue bonds in an amount of more than 25 percent of the assessed value of taxable real property in the district according to the last assessment for district purposes or in an amount of more than a fixed sum or for certain named purposes.(c)  The board shall publish notice of the adoption of the resolution once a week for two consecutive weeks in a newspaper with general circulation in the district.  The notice shall state that the resolution will take effect unless a petition against the proposed limitation signed by 20 percent of the electors of the district is presented within 20 days after the first publication of the notice.(d)  If a petition is filed against the limitation, the resolution will not take effect until it is approved at an election held in the district.(e)  The ballots for the election shall be printed to provide for voting for or against:  "The limitation during the term of ______ years of the maximum debt of the district to ______."  (The blank spaces shall be filled with the purpose of the election.)(f)  If the limitation is approved at an election or if no petition is filed against the resolution, the district may not issue bonds under any statute or constitutional provision in excess of the limitation during the designated term of years except to complete and make repairs to improvements whose cost will be within the debt limitation.|Acts 1971, 62nd Leg., p. 344, ch. 58, Sec. 1, eff. Aug. 30, 1971.|
TX Water Code § 51.440 (2021)
2021 Texas Statutes|Water Code|Title 4 - General Law Districts|Chapter 51 - Water Control and Improvement Districts|Subchapter K. Issuance of Bonds|Section 51.440. Issuing Bonds in Excess of Limitation

Sec. 51.440.  ISSUING BONDS IN EXCESS OF LIMITATION.  (a)  A district may issue bonds in excess of a limitation made under Section 51.439 of this code only after the commission has approved the plans and specifications with the estimate of costs.(b)  If the plans, specifications, and estimate are approved, notice of the intention to issue the bonds shall be published once a week for three consecutive weeks in a newspaper with general circulation in the district.  The notice shall include a statement of the purpose for issuing the bonds, the amount of the proposed bond issue, and the time the hearing is to be held, which may not be less than 30 days after the notice is first published.(c)  The board shall hold the hearing and any taxpayer, bondholder, or other interested person may appear and be heard.(d)  If the board approves the issuance of the additional bonds in the amount and for the purpose stated in the notice, the question of issuing the bonds shall be submitted to the electors of the district at an election.|Acts 1971, 62nd Leg., p. 344, ch. 58, Sec. 1, eff. Aug. 30, 1971.|
TX Water Code § 51.441 (2021)
2021 Texas Statutes|Water Code|Title 4 - General Law Districts|Chapter 51 - Water Control and Improvement Districts|Subchapter K. Issuance of Bonds|Section 51.441. Modifications of Improvements

Sec. 51.441.  MODIFICATIONS OF IMPROVEMENTS.  (a)  After bonds are issued or a contract is entered into with the United States, the board may give notice of an election to be held to authorize the issuance of additional bonds or a further contract with the United States.(b)  Additional bonds may be issued or a supplemental contract made if the board considers it necessary to:(1)  make modifications in the district or its improvements;(2)  construct further or additional improvements and issue additional bonds on the report of the engineer;(3)  make a supplemental contract with the United States;(4)  make, on its own motion, additional improvements or purchase additional property to accomplish the purposes of the district and to serve the best interest of the district.(c)  The board shall enter its findings in the minutes.(d)  The election shall be held and the returns made in the manner provided in this chapter for the original election.(e)  If the result of the election favors the issuance of the bonds or the supplemental contract with the United States, the board may order the bonds issued or the contract made with the United States in the manner provided in this chapter.(f)  If a supplemental contract is made with the United States and bonds are not to be deposited with the United States, it is not necessary to issue bonds.  If the district is required to raise money in addition to the amount of the contract, the bonds shall be issued only in the additional amount needed.|Acts 1971, 62nd Leg., p. 345, ch. 58, Sec. 1, eff. Aug. 30, 1971.|
TX Water Code § 51.442 (2021)
2021 Texas Statutes|Water Code|Title 4 - General Law Districts|Chapter 51 - Water Control and Improvement Districts|Subchapter K. Issuance of Bonds|Section 51.442. Issuance of Additional Bonds or Creation of Additional Indebtedness Under Certain Conditions

Sec. 51.442.  ISSUANCE OF ADDITIONAL BONDS OR CREATION OF ADDITIONAL INDEBTEDNESS UNDER CERTAIN CONDITIONS.  (a)  A district may issue additional bonds or create additional indebtedness:(1)  if works, improvements, and facilities constructed under a plan provided in Section 51.410 or 51.422 of this code are inadequate to accomplish the beneficial results which the district's location and conditions demand;(2)  if it is considered necessary to make repairs, replacements, or additions to the district's improvements which cost more than $25,000;  or(3)  if additional money is needed to complete the improvements as planned.(b)  The district shall provide the additional money for the particular purpose in accordance with the provisions of this chapter regulating the creation of bond obligations subject to every limitation with respect to the original proceedings and the substantial protection of the substantive rights of holders of any of the district's outstanding obligations.|Acts 1971, 62nd Leg., p. 345, ch. 58, Sec. 1, eff. Aug. 30, 1971.|
TX Water Code § 51.443 (2021)
2021 Texas Statutes|Water Code|Title 4 - General Law Districts|Chapter 51 - Water Control and Improvement Districts|Subchapter K. Issuance of Bonds|Section 51.443. Interim Bonds

Sec. 51.443.  INTERIM BONDS.  After bonds, other than preliminary bonds or notes, are voted by a district, the board may declare an existing emergency with relation to money being unavailable to pay for engineering work, purchase of land, rights-of-way, construction sites, construction work, and legal and other necessary expenses and may issue interim bonds on the faith and credit of the district in the manner provided in Sections 51.444-51.449 of this code to pay these expenses.|Acts 1971, 62nd Leg., p. 346, ch. 58, Sec. 1, eff. Aug. 30, 1971.|
TX Water Code § 51.444 (2021)
2021 Texas Statutes|Water Code|Title 4 - General Law Districts|Chapter 51 - Water Control and Improvement Districts|Subchapter K. Issuance of Bonds|Section 51.444. Limitations on Interim Bonds

Sec. 51.444.  LIMITATIONS ON INTERIM BONDS.  (a)  Interim bonds shall mature not later than 10 years from the date they are issued and shall be redeemable at any time before they mature, as provided in this subchapter.(b)  The principal amount of the interim bonds may not be more than 25 percent of the principal amount of the district's bonds which have been voted but not sold.(c)  Before the issuance of the interim bonds, the board, by resolution, may limit the issue to any amount less than 25 percent, and after the amount is determined and fixed by the resolution, no additional interim bonds may be issued and sold until all outstanding interim bonds are paid.|Acts 1971, 62nd Leg., p. 346, ch. 58, Sec. 1, eff. Aug. 30, 1971.|
TX Water Code § 51.445 (2021)
2021 Texas Statutes|Water Code|Title 4 - General Law Districts|Chapter 51 - Water Control and Improvement Districts|Subchapter K. Issuance of Bonds|Section 51.445. Issuance of Bonds and Levy of Tax

Sec. 51.445.  ISSUANCE OF BONDS AND LEVY OF TAX.  (a)  After bonds other than preliminary bonds are voted, the board may authorize the issuance of the bonds in whole or in part as they are needed by the district.(b)  The board shall levy and annually assess and collect sufficient taxes to pay principal and interest on the bonds.(c)  The bonds may be approved by the attorney general and registered by the comptroller before the filing of the report of the commission under Section 51.421 of this code.|Acts 1971, 62nd Leg., p. 346, ch. 58, Sec. 1, eff. Aug. 30, 1971.  Amended by Acts 1981, 67th Leg., p. 981, ch. 367, Sec. 19, eff. June 10, 1981.|
TX Water Code § 51.446 (2021)
2021 Texas Statutes|Water Code|Title 4 - General Law Districts|Chapter 51 - Water Control and Improvement Districts|Subchapter K. Issuance of Bonds|Section 51.446. Deposit of Bonds to Secure Interim Bonds

Sec. 51.446.  DEPOSIT OF BONDS TO SECURE INTERIM BONDS.  (a)  As the interim bonds are issued and sold, the board, by order, shall deposit bonds of the district which have been validated by a court or approved by the attorney general and registered by the comptroller as provided in Section 51.417 of this code in the district depository.(b)  The bonds deposited shall be credited to the interest and sinking fund account created to pay the interim bonds.(c)  The principal amount of the bonds deposited shall total at least 110 percent of the principal sum of the series of interim bonds which the bonds are deposited to secure.(d)  The interest rate on the interim bonds may not be more than the interest rate on the bonds deposited to secure them.|Acts 1971, 62nd Leg., p. 346, ch. 58, Sec. 1, eff. Aug. 30, 1971.|
TX Water Code § 51.447 (2021)
2021 Texas Statutes|Water Code|Title 4 - General Law Districts|Chapter 51 - Water Control and Improvement Districts|Subchapter K. Issuance of Bonds|Section 51.447. Procedure for Issuance and Sale of Interim Bonds

Sec. 51.447.  PROCEDURE FOR ISSUANCE AND SALE OF INTERIM BONDS.  (a)  Interim bonds shall be issued in the name of the district, signed by the president, and attested by the secretary, with the district seal attached to each bond.(b)  The interim bonds may be issued in the denominations determined by the board and shall be approved by the attorney general and registered by the comptroller in the same manner as provided in Section 51.417 of this code.(c)  Interim bonds may be sold in the same manner and on the same terms provided by law for the sale of other bonds of the district.(d)  If interim bonds are sold at less than par value and accrued interest, the improvement bonds issued by the district must be sold at an increase over the price authorized by law in an amount sufficient to equal the discount allowed on the interim bonds.|Acts 1971, 62nd Leg., p. 346, ch. 58, Sec. 1, eff. Aug. 30, 1971.|
TX Water Code § 51.448 (2021)
2021 Texas Statutes|Water Code|Title 4 - General Law Districts|Chapter 51 - Water Control and Improvement Districts|Subchapter K. Issuance of Bonds|Section 51.448. Payment of Interim Bonds

Sec. 51.448.  PAYMENT OF INTERIM BONDS.  (a)  The board shall appropriate the tax levied to pay the bonds deposited to the credit of the interest and sinking fund to pay the interim bonds or as much of that tax as necessary to secure the loan evidenced by the interim bonds.(b)  The proceeds of the tax shall be devoted exclusively to the payment of the principal and interest on the interim bonds.(c)  None of the provisions of this subchapter relating to interim bonds shall be construed as prohibiting the sale of bonds deposited to the credit of the interest and sinking fund to pay interim bonds or of any other bonds of the district, but if any of these bonds are sold, the district depository shall apply the proceeds to the payment of principal and accrued interest on the interim bonds and the remainder to the purposes for which the bonds were authorized.(d)  If none of the bonds are sold at the time an installment on the principal and interest of interim bonds matures, the depository shall cancel the deposited bonds and attached interest coupons in an amount equal to the principal and interest of the interim bonds paid off and discharged.|Acts 1971, 62nd Leg., p. 347, ch. 58, Sec. 1, eff. Aug. 30, 1971.|
TX Water Code § 51.449 (2021)
2021 Texas Statutes|Water Code|Title 4 - General Law Districts|Chapter 51 - Water Control and Improvement Districts|Subchapter K. Issuance of Bonds|Section 51.449. Redemption of Interim Bonds

Sec. 51.449.  REDEMPTION OF INTERIM BONDS.  (a)  At the option of the board, interim bonds may be redeemed at any time or times before maturity on payment by the district of the principal and accrued interest to the date fixed for redemption by the board.(b)  When interim bonds are called for redemption before maturity, the secretary shall give written notice of the redemption to the bank or banking house named as the place of payment in the bonds or to its successor or assign.(c)  In the notice, the secretary shall designate the bond or bonds called for redemption and payment and shall state number or numbers of the bonds.(d)  The notice shall include the redemption date which shall not be more than 60 days after the date notice of call for payment is made.(e)  If any of the bonds which are called for redemption are not presented, they shall cease to bear interest from and after the date fixed for redemption.|Acts 1971, 62nd Leg., p. 347, ch. 58, Sec. 1, eff. Aug. 30, 1971.|
TX Water Code § 51.450 (2021)
2021 Texas Statutes|Water Code|Title 4 - General Law Districts|Chapter 51 - Water Control and Improvement Districts|Subchapter K. Issuance of Bonds|Section 51.450. Alternate Methods for Paying Bonds

Sec. 51.450.  ALTERNATE METHODS FOR PAYING BONDS.  (a)  As used in this section and in Sections 51.450-51.454 of this code, "net revenue" means income or increment which may come from ownership and operation of the improvements which are encumbered less the proportion of the district's revenue income reasonably required to provide for administration, efficient operation, and adequate maintenance of the district's services and facilities which are encumbered.  Net revenue does not include money derived from taxation.(b)  A district which expects net revenue from operations may secure its bonds in any one of the following:(1)  as provided in Section 51.433 of this code;(2)  by entering into a contract to pledge the net revenue of the district and to mortgage and encumber part or all of the property and facilities, franchise, revenue and income from operations, and everything acquired or to be acquired by the district;  or(3)  as provided in both Subdivisions (1) and (2) of this subsection.|Acts 1971, 62nd Leg., p. 347, ch. 58, Sec. 1, eff. Aug. 30, 1971.|
TX Water Code § 51.451 (2021)
2021 Texas Statutes|Water Code|Title 4 - General Law Districts|Chapter 51 - Water Control and Improvement Districts|Subchapter K. Issuance of Bonds|Section 51.451. Taxes to Secure Certain Bonds

Sec. 51.451.  TAXES TO SECURE CERTAIN BONDS.  (a)  If bonds are secured as provided in Section 51.450(b)(3) of this code, at the time that net revenue together with money derived from taxes accumulates a surplus in the sinking fund equal to the amount required in the succeeding year to liquidate the interest and principal on the district's bonds maturing in that year, the district's annual tax levies may be lowered to produce not less than 25 percent of the bond maturities for the succeeding year.(b)  If three successive years demonstrate that this net revenue is adequate to protect the district's bonds as they mature, the district's tax may be discontinued until further experience demonstrates the necessity to continue the tax to avoid default in the payment of the district's bonds as they mature.|Acts 1971, 62nd Leg., p. 348, ch. 58, Sec. 1, eff. Aug. 30, 1971.|
TX Water Code § 51.452 (2021)
2021 Texas Statutes|Water Code|Title 4 - General Law Districts|Chapter 51 - Water Control and Improvement Districts|Subchapter K. Issuance of Bonds|Section 51.452. Election

Sec. 51.452.  ELECTION.  (a)  If the district proposes to issue bonds which will be secured under either Section 51.450(b)(2) or 51.450(b)(3) of this code, the proposition shall be presented at an election held under Section 51.413 of this code.(b)  The ballots for the election shall be printed to provide for voting for or against one of the following propositions:(1)  "The issuance of bonds and the pledge of net revenue for the payment of the bonds.";(2)  "The issuance of bonds, the pledge of net revenue, and the creation of a lien on physical property to secure payment of the bonds.";  or(3)  "The issuance of bonds, the pledge of net revenue, and the levy of adequate taxes to pay the bonds."|Acts 1971, 62nd Leg., p. 348, ch. 58, Sec. 1, eff. Aug. 30, 1971.|
TX Water Code § 51.453 (2021)
2021 Texas Statutes|Water Code|Title 4 - General Law Districts|Chapter 51 - Water Control and Improvement Districts|Subchapter K. Issuance of Bonds|Section 51.453. Hearing and Election on Certain Bonds

Sec. 51.453.  HEARING AND ELECTION ON CERTAIN BONDS.  (a)  A district which plans to issue bonds payable from and secured by a pledge of net revenue and a lien on the physical property, either or both, without the levy of taxes, is not required to hold a hearing to exclude land or adopt a plan of taxation.(b)  The proposition for issuance of bonds may be submitted at the election held to confirm the creation of the district or at an election called by the board.|Acts 1971, 62nd Leg., p. 348, ch. 58, Sec. 1, eff. Aug. 30, 1971.|
TX Water Code § 51.454 (2021)
2021 Texas Statutes|Water Code|Title 4 - General Law Districts|Chapter 51 - Water Control and Improvement Districts|Subchapter K. Issuance of Bonds|Section 51.454. Hearing Before Issuing Certain Bonds

Sec. 51.454.  HEARING BEFORE ISSUING CERTAIN BONDS.  If a district issues its original bonds under Section 51.450(b)(2) of this code and later desires to issue bonds payable in whole or in part from taxes or to levy a tax for maintenance purposes, the district shall hold a hearing to exclude land, and at the time provided by law, shall hold another hearing to adopt a plan of taxation.  These hearings shall be held before an election is called to approve the issuance of tax-supported bonds or the levy of a maintenance tax.|Acts 1971, 62nd Leg., p. 349, ch. 58, Sec. 1, eff. Aug. 30, 1971.|
TX Water Code § 51.455 (2021)
2021 Texas Statutes|Water Code|Title 4 - General Law Districts|Chapter 51 - Water Control and Improvement Districts|Subchapter K. Issuance of Bonds|Section 51.455. Issuance of Revenue Bonds to Construct Extensions and Improvements to Certain Systems

Sec. 51.455.  ISSUANCE OF REVENUE BONDS TO CONSTRUCT EXTENSIONS AND IMPROVEMENTS TO CERTAIN SYSTEMS.  (a)  A district which has adopted a plan for improvements designed to furnish a water and sewer system may also issue its revenue bonds as provided in Section 51.450(b)(2) of this code to construct extensions and improvements to the water and sewer system or to an irrigation system.(b)  The district may pay the revenue bonds by entering into contracts to pledge the net revenue derived from the sale of water for irrigation purposes and service charges obtained from the sale and distribution of water for irrigation purposes.(c)  The bonds may be issued in one or more issues under the terms and conditions considered by the board to be advisable.|Acts 1971, 62nd Leg., p. 349, ch. 58, Sec. 1, eff. Aug. 30, 1971.|
TX Water Code § 51.501 (2021)
2021 Texas Statutes|Water Code|Title 4 - General Law Districts|Chapter 51 - Water Control and Improvement Districts|Subchapter L. Tax Plan|Section 51.501. Tax to Pay Preliminary Bonds

Sec. 51.501.  TAX TO PAY PRELIMINARY BONDS.  Taxes to pay principal and interest on preliminary bonds shall be levied and collected on the ad valorem basis.|Acts 1971, 62nd Leg., p. 349, ch. 58, Sec. 1, eff. Aug. 30, 1971.|
TX Water Code § 51.502 (2021)
2021 Texas Statutes|Water Code|Title 4 - General Law Districts|Chapter 51 - Water Control and Improvement Districts|Subchapter L. Tax Plan|Section 51.502. Hearing to Determine Basis of Taxation

Sec. 51.502.  HEARING TO DETERMINE BASIS OF TAXATION.  After the board adopts plans for construction of a plant and improvements to accomplish the purposes of the district and after an election is held to authorize the issuance of construction bonds and the levy of a tax to pay for the bonds, the board shall hold a public hearing to determine whether the taxes to pay the construction bonds and maintenance, operation, and administrative costs of the district shall be levied, assessed, and collected on:(1)  the ad valorem basis;(2)  the basis of assessment of specific benefits;(3)  the basis of assessment of benefits on an equal sum per acre;  or(4)  the ad valorem basis for part of the total tax or defined area or property and on the benefit basis for the other part of the tax or defined area or property.|Acts 1971, 62nd Leg., p. 349, ch. 58, Sec. 1, eff. Aug. 30, 1971.|