Tex.
Spec. Dist. Local Laws Code Section 3846.164
Bonds
(a)
The board may issue bonds as provided by Subchapter J (General Obligation and Revenue Bonds), Chapter 375 (Municipal Management Districts in General), Local Government Code.(b)
In addition to the sources described in Subchapter J (General Obligation and Revenue Bonds), Chapter 375 (Municipal Management Districts in General), Local Government Code, bonds issued by the district may be secured and made payable, wholly or partly, by a pledge of all or part of the net proceeds the district receives from:(1)
a specified portion of not more than 75 percent of the maximum sales and use tax amount authorized under Section 3846.152;(2)
a specified portion of not more than 90 percent of the maximum sales and use tax imposed by a development zone;(3)
an ad valorem tax imposed by a development zone;(4)
a hotel occupancy tax;(5)
an event admissions tax;(6)
an event parking tax; and(7)
any other district revenue.(c)
Sections 375.207 (Municipal Approval) and 375.208 (Commission Approval), Local Government Code, do not apply to bonds issued under this section.(d)
To the extent consistent with the documents authorizing the issuance of the district’s bonds, the proceeds of bonds remaining after the payment of the cost of issuing the bonds and all costs associated with the projects for which the bonds were sold may be spent by the district for any lawful purpose or for any project the district is authorized to undertake.
Source:
Section 3846.164 — Bonds, https://statutes.capitol.texas.gov/Docs/SD/htm/SD.3846.htm#3846.164 (accessed Jun. 5, 2024).
