{"data":{"id":"us-tx/tex.-government-code-1253.002","jurisdiction":"us-tx","citation":"Tex. Government Code § 1253.002","heading":"LIMITATION ON AUTHORITY TO ISSUE GENERAL OBLIGATION BONDS.","body":"(a) In this section, \"personal property\" has the meaning assigned by Section 1.04, Tax Code.\n(b) Notwithstanding any other provision of law, a political subdivision may not issue general obligation bonds to purchase, improve, or construct one or more improvements to real property, to purchase one or more items of personal property, or to do both, if the weighted average maturity of the issue of bonds exceeds 120 percent of the reasonably expected weighted average economic life of the improvements and personal property financed with the issue of bonds.\nAdded by Acts 2019, 86th Leg., R.S., Ch. 726 (H.B. 440), Sec. 3, eff. September 1, 2019.","path":["GOVERNMENT CODE","TITLE 9. PUBLIC SECURITIES","SUBTITLE C. PROVISIONS APPLICABLE TO SECURITIES ISSUED BY MORE THAN ONE TYPE OF LOCAL GOVERNMENT","CHAPTER 1253. GENERAL OBLIGATION BONDS ISSUED BY POLITICAL SUBDIVISIONS"],"source_url":"https://statutes.capitol.texas.gov/Docs/GV/htm/GV.1253.htm#1253.002","current_through":"89th 2nd Called Legislative Session, 2025","vintage":"","retrieved_at":"2026-08-27T01:47:16Z","sha256":"59cd1e931c76eab18bdb9d789d28ac43d6eb55f396bb37deb12472189d0c06c9","source_id":"us-tx","stale":false,"prev":"us-tx/tex.-government-code-1253.001","next":"us-tx/tex.-government-code-1253.003"},"notice":"GroundRules: Original legal text. Not legal advice."}