(a) The executive committee of an authority in which more than one municipality is holding an election under § 452.362 may provide for a proposition, ballot, and election order under this section if the committee finds that:
(1) the proceeds of long-term bonds are needed continuously to acquire, construct, and equip the public transportation system;
(2) financing through the issuance of bonds is the best available method to provide transportation services at the earliest practicable date for the residents of its service area, including all municipalities; and
(3) the construction needed to provide those services will take longer than five years.
(b) The official proposition must read substantially as follows:
“PROPOSITION

“Shall (name of authority) be authorized to pledge its _____ cent (insert amount) sales and use tax revenues to the payment of bonds or notes having a maturity longer than five years for the purpose of acquiring, constructing, and equipping the authority’s transportation system in order to provide transportation services for the residents of the cities of (list cities included in service area)?”

(c) The ballot shall be arranged in a manner to permit the voters to vote “For” or “Against” the following summary of the proposition:
“The pledge by (insert name of authority) of its _____ cent (insert amount) sales and use tax revenues to the payment of bonds or notes in order to provide transportation services for the residents of the cities of (list cities included in service area).”
(d) The election order may contain additional information about the authority’s plans and programs, such as:
(1) identification of the service area of the authority and a general description of the system expected to be constructed and provided according to the service plan, including, if appropriate, graphic materials and location maps and charts indicating the proposed locations and timing of any rail or similar lines or routes proposed to be provided;
(2) the estimates of costs of the public transportation system to be provided, and the estimates of the amount of long-term bonds expected to be issued under the voted proposition that will be needed, considering other estimated sources of payment such as fares and other revenues, short-term borrowing, vendor-supplied financing, and revenue bonds, other than those secured by sales and use tax revenues, to pay the costs; and
(3) any other matter appropriate to inform the voters of the details of the proposed system and the financing plans of the authority.
(e) If a majority of the votes received at the election favor the summary of the proposition in Subsection (c), the authority may issue bonds in amounts and at times as the executive committee considers appropriate to provide transportation services for the residents of its service area in accordance with its service plan in effect on the date of the election, and as the service plan may be amended in accordance with Subchapter G, without the necessity of an additional election. The rate of sales and use tax that is pledged to the bonds may not exceed the previously voted authorized tax rate permitted on the date of the election.