Texas Laws - Government Code
GOVERNMENT CODE
TITLE 9. PUBLIC SECURITIES

SUBCHAPTER B. DECLARATORY JUDGMENT ACTION (74729)(1-click HTML)
Sec. 1205.021. AUTHORITY TO BRING ACTION. (74730)(1-click HTML)

An issuer may bring an action under this chapter to obtain a declaratory judgment as to: (74731)

(1) the authority of the issuer to issue the public securities; (74732)

(2) the legality and validity of each public security authorization relating to the public securities, including if appropriate: (74733)

(A) the election at which the public securities were authorized; (74734)

(B) the organization or boundaries of the issuer; (74735)

(C) the imposition of an assessment, a tax, or a tax lien; (74736)

(D) the execution or proposed execution of a contract; (74737)

(E) the imposition of a rate, fee, charge, or toll or the enforcement of a remedy relating to the imposition of that rate, fee, charge, or toll; and (74738)

(F) the pledge or encumbrance of a tax, revenue, receipts, or property to secure the public securities; (74739)

(3) the legality and validity of each expenditure or proposed expenditure of money relating to the public securities; and (74740)

(4) the legality and validity of the public securities. (74741)

Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999. (74742)

Sec. 1205.022. VENUE. (74743)(1-click HTML)

An issuer may bring an action under this chapter in a district court of Travis County or of the county in which the issuer has its principal office. (74744)

Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999. (74745)

Sec. 1205.023. PROCEEDING IN REM; CLASS ACTION. (74746)(1-click HTML)

An action under this chapter is: (74747)

(1) a proceeding in rem; and (74748)

(2) a class action binding on all persons who: (74749)

(A) reside in the territory of the issuer; (74750)

(B) own property located within the boundaries of the issuer; (74751)

(C) are taxpayers of the issuer; or (74752)

(D) have or claim a right, title, or interest in any property or money to be affected by the public security authorization or the issuance of the public securities. (74753)

Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999. Amended by Acts 1999, 76th Leg., ch. 1064, Sec. 3, eff. Sept. 1, 1999. (74754)

Sec. 1205.024. PLEADING CONTENTS. (74755)(1-click HTML)

The petition in an action under this chapter must briefly set out, by allegation, reference, or exhibit: (74756)

(1) the issuer's authority to issue the public securities; (74757)

(2) the purpose of the public securities; (74758)

(3) the holding and result of any required election; (74759)

(4) a copy of or a pertinent excerpt from each public security authorization, including any essential action or expenditure of money; (74760)

(5) the amount or proposed maximum amount of the public securities; (74761)

(6) the interest rate or rates or the proposed maximum interest rate of the public securities; (74762)

(7) in a suit relating to the validity or organization of an issuer, the authority for and the proceedings relating to the creation of the issuer or a boundary change; and (74763)

(8) any other pertinent matter. (74764)

Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999. (74765)

Sec. 1205.025. TIME FOR BRINGING ACTION; PENDENCY OF OTHER PROCEEDINGS. (74766)(1-click HTML)

An issuer may bring an action under this chapter: (74767)

(1) concurrently with or after the use of another procedure to obtain a declaratory judgment, approval, or validation; (74768)

(2) before or after the public securities are authorized, issued, or delivered; (74769)

(3) before or after the attorney general approves the public securities; and (74770)

(4) regardless of whether another proceeding is pending in any court relating to a matter to be adjudicated in the suit. (74771)

Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999. (74772)

  

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