Texas Government Code 1507.051 – Authority to Issue Refunding Bonds
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(a) The governing body of a municipality by ordinance may issue refunding bonds in accordance with Subchapters A and D, Chapter 1207, to refund outstanding refunding bonds if:
(1) the bonds to be refunded were issued under a plan for the adjustment of the municipality’s debts confirmed by a bankruptcy court under Title 11, United States Code; and
(2) the bonds do not mature in annual installments.
(b) The governing body of a municipality that issues bonds under this subchapter to refund revenue bonds may secure the bonds issued under this subchapter by a deed of trust on the municipality’s utility system or by a pledge of the net revenue of the system if the bonds being refunded provide for that pledge.
Terms Used In Texas Government Code 1507.051
- Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
- Deed: The legal instrument used to transfer title in real property from one person to another.
- United States: includes a department, bureau, or other agency of the United States of America. See Texas Government Code 311.005