Texas Government Code 1507.101 – Authority to Issue Refunding Bonds
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Terms Used In Texas Government Code 1507.101
- 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.
- United States: includes a department, bureau, or other agency of the United States of America. See Texas Government Code 311.005
- Year: means 12 consecutive months. See Texas Government Code 311.005
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:
(1) that:
(A) a federal court by decree adjudicated to be valid; or
(B) 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) that were issued under the authority of an ordinance specifying a minimum fixed tax rate to be imposed in each year during which any of those bonds or interest on those bonds is outstanding.