{"data":{"id":"us-tx/tex.-government-code-1507.151","jurisdiction":"us-tx","citation":"Tex. Government Code § 1507.151","heading":"AUTHORITY TO ISSUE BONDS.","body":"(a) The governing body of a municipality by ordinance may issue bonds secured by and payable from ad valorem taxes to provide for the payment of all or part of the municipality's current expenses for a fiscal year if:\n(1) in that fiscal year the municipality has lost or is likely to lose an amount that is:\n(A) more than $15 million; and\n(B) more than 15 percent of the municipality's budget for the fiscal year, not including the amount necessary for debt service; and\n(2) the loss or potential loss is the result of a person who received municipal funds seeking or acceding to protection under Title 11, United States Code.\n(b) A determination by the municipality's governing body that a loss has occurred or is likely to occur, or of the amount of a loss or anticipated loss, is conclusive.\nAdded by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999.","path":["GOVERNMENT CODE","TITLE 9. PUBLIC SECURITIES","SUBTITLE J. SPECIFIC AUTHORITY FOR MUNICIPALITIES TO ISSUE SECURITIES","CHAPTER 1507. OBLIGATIONS RELATING TO MUNICIPAL DEBT AND EXPENSES","SUBCHAPTER D. TAX BONDS FOR PAYMENT OF CURRENT EXPENSES"],"source_url":"https://statutes.capitol.texas.gov/Docs/GV/htm/GV.1507.htm#1507.151","current_through":"89th 2nd Called Legislative Session, 2025","vintage":"","retrieved_at":"2026-08-27T01:47:16Z","sha256":"e47a2dbf7f721851622dbeb95919c4352ef7358d745f6a138396d2f4b2529bc5","source_id":"us-tx","stale":false,"prev":"us-tx/tex.-government-code-1507.104","next":"us-tx/tex.-government-code-1507.152"},"notice":"GroundRules: Original legal text. Not legal advice."}