Texas Laws | Government Code (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) 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) 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) 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) 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) SUBCHAPTER C. NOTICE OF DECLARATORY JUDGMENT ACTION (74773)(Text)(a) The court in which an action under this chapter is brought shall, on receipt of the petition, immediately issue an order, in the form of a notice, directed to all persons who: (74775) (1) reside in the territory of the issuer; (74776) (2) own property located within the boundaries of the issuer; (74777) (3) are taxpayers of the issuer; or (74778) (4) have or claim a right, title, or interest in any property or money to be affected by a public security authorization or the issuance of the public securities. (74779) (b) The order must, in general terms and without naming them, advise the persons described by Subsection (a) and the attorney general of their right to: (74780) (1) appear for trial at 10 a.m. on the first Monday after the 20th day after the date of the order; and (74781) (2) show cause why the petition should not be granted and the public securities or the public security authorization validated and confirmed. (74782) (c) The order must give a general description of the petition but is not required to contain the entire petition or any exhibit attached to the petition. (74783) Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999. Amended by Acts 1999, 76th Leg., ch. 1064, Sec. 4, eff. Sept. 1, 1999. (74784) (a) A copy of the issuer's petition with all attached exhibits and a copy of the order issued under Section 1205.041(a) shall be served on the attorney general before the 20th day before the trial date. (74786)
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