Tex.
Spec. Dist. Local Laws Code Section 3798.251
Bonds and Other Obligations
(a)
The district may issue, by public or private sale, bonds, notes, or other obligations payable wholly or partly from ad valorem taxes or assessments in the manner provided by Subchapter A (Short Title), Chapter 372 (Improvement Districts in Municipalities and Counties), or Subchapter J, Chapter 375 (Municipal Management Districts in General), Local Government Code. Sections 375.207 (Municipal Approval)(a) and (b), Local Government Code, do not apply to the district.(b)
In exercising the district’s borrowing power, the district may issue a bond or other obligation in the form of a bond, note, certificate of participation or other instrument evidencing a proportionate interest in payments to be made by the district, or other type of obligation.(c)
In addition to the sources of money described by Subchapter A (Short Title), Chapter 372 (Improvement Districts in Municipalities and Counties), and Subchapter J, Chapter 375 (Municipal Management Districts in General), Local Government Code, district bonds may be secured and made payable wholly or partly by a pledge of any part of the money the district receives from improvement revenue or from any other source.(d)
Not later than the 30th day before the date the district holds a bond sale, the district shall provide the governing body of the city written notice of the sale.
Source:
Section 3798.251 — Bonds and Other Obligations, https://statutes.capitol.texas.gov/Docs/SD/htm/SD.3798.htm#3798.251 (accessed Jun. 5, 2024).
