Tex.
Local Gov't Code Section 307.041
Tax Bonds
(a)
For the purpose of paying for all or part of the costs of acquiring privately owned land under Section 307.022 (Acquisition of Private Lands for Park) or the costs of constructing, furnishing, and equipping the pier or another structure connected with the pier, the municipality may borrow money, issue negotiable bonds, and levy and collect ad valorem taxes sufficient to pay the interest on and provide a sinking fund for the bonds.(b)
The bonds shall be issued in accordance with Subtitles A and C, Title 9, Government Code. If bonds for the purposes described by this section have been authorized at a previous election in accordance with that chapter, the bonds may be issued without an additional election.(c)
The governing body of the municipality may use bond proceeds to pay part of the cost of erecting, constructing, furnishing, or equipping a structure or improvement authorized by this chapter that, together with the interest in the land occupied by or used in connection with the structure or improvement and the income from the structure or improvement, is to be or has been mortgaged and encumbered for the purpose of paying the additional costs of acquiring, erecting, constructing, furnishing, or equipping the structure or improvement.
Source:
Section 307.041 — Tax Bonds, https://statutes.capitol.texas.gov/Docs/LG/htm/LG.307.htm#307.041 (accessed May 18, 2024).
