Texas Government Code 1501.151 – Authority to Issue Certificates of Indebtedness
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Terms Used In Texas Government Code 1501.151
- Lawsuit: A legal action started by a plaintiff against a defendant based on a complaint that the defendant failed to perform a legal duty, resulting in harm to the plaintiff.
- Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
The governing body of a general-law municipality may authorize the issuance of certificates of indebtedness to pay:
(1) a final judgment of a court in a lawsuit arising from the municipality’s operation of a natural gas system the municipality owns; or
(2) a settlement of such a lawsuit.