This is a clone of the Texas Administrative Code (TAC) for educational purposes. It is not the official version and should not be used for legal purposes. Site created Wed, 21 May 2025 21:16:34 GMT
The following are the minimum requirements for statutory compliance and documentary composition of transcripts prerequisite to approval of municipal revenue bonds.(1) Where a Texas Civil Statutes, Article 1112, election is applicable.(A) Minutes excerpt relative to call of election.(B) Findings; advisability of calling the bond election, etc.(C) Resolution or ordinance recitals and directions.(i) Election date: not less than 15 nor more than 30 days from date of passage, and designation of polling hours.(ii) Text of propositions in full, stating purpose, amount, interest rate maximum, sources of revenue for payment of principal and interest, maximum maturity.(iii) Places of election, election officers, and number of clerks, absentee voting provision with days and hours of polling.(iv) Election to be held in accordance with Texas Election Code, applicable general laws and laws applicable to the issuance of municipal bonds by such city or town.(v) Ballot proposition, form and method of voting (paper ballots, etc.).(vi) Directions for posting and publication of notice.(D) Notice of election: substantial copy of election order addressed to qualified electors.(i) Affidavit (or certificate) of posting notice.(I) Posted in each election precinct and at city hall.(II) At least 14 days prior to election or, if a lesser period, designation of such period and statement of reasons longer notice period cannot be afforded.(III) Copy of notice attached.(ii) Affidavit of publication of notice.(I) Published the same day in two successive weeks, indicating dates published, first publication not less than 14 days prior to election date.(II) Newspaper of general circulation published in the city or, if no newspaper published there, circulated in the city.(III) Copy of notice as published attached.(IV) Executed by officer of employee of the newspaper, with job title indicated.(E) Canvass resolution or ordinance.(i) Meeting minutes excerpt relative to canvassing.(ii) Recitation.(I) All circumstances surrounding calling of election, giving of notice, holding of election and return of ballots, finding all have been legally had and done.(II) Tabulations of votes.(iii) Operative provisions.(I) Election duly and lawfully held.(II) Result declared and declaration that council, board of aldermen, or commission authorized to issue the described bonds and pledge revenues.(III) In non-Article 1112 election issues, notice of intention to issue revenue bonds must be furnished in accordance with Texas Civil Statutes, Article 2368a.(2) Bond ordinance.(A) Minutes excerpt relative to bond ordinance passage.(B) Recitation.(i) Election circumstances, if Article 1112 election involved; if non-Article 1112 issue, recital of publication of notice of intention to issue revenue bonds.(ii) Amount to be issued and recital of identification of all prior issues, including amount of each such issue, made under authority of the election, if any, ordered in paragraph (1) of this section, or under prior ordinance, as well as a description of any system mortgages incurred pursuant to Texas Civil Statutes, Article 1118a, and constitutional, statutory, and charter, if any, authority for issue.(C) Operative provisions.(i) Designation of issue, aggregate amount, purposes.(ii) Numbers, denominations, bond date (numbers corresponding to listed years and maturity amounts must be set out).(iii) Maturity schedule.(iv) Interest rates and payment dates.(v) Redemption option, if any.(vi) Places of payment, names of paying agents, manner of payment.(vii) Manner of execution.(viii) Bond form, coupon form, if any, (must refer to redemption option, if any), form of comptroller's registration certificate.(ix) Creation of sinking fund, declaration or sources of payments of defined revenues and pledge thereof, with specification of source of payment of maintenance and operating expenses.(x) Pledge to render no free service.(xi) Sale of bonds; mayor to have charge of bonds pending attorney general approval.(xii) Declaration of mode of sale.(xiii) Bond statement: "The holder hereof shall never have the right to demand payment of this obligation out of any funds raised or to be raised by taxation."(3) Copy of official notice of sale, if any.(4) If contract for sale of water by issuer is involved requiring Texas Water Rights Commission approval, a certified copy of the approval of such contract by the Texas Water Rights Commission must be inserted in the transcript.(5) Incumbency certificate.(6) Certificate of incorporation.(7) Certificate regarding adoption of Texas Civil Statutes,