Tex.
Spec. Dist. Local Laws Code Section 3874.157
Bonds and Other Obligations
(a)
Subject to the requirements of Sections 3874.159 (Taxes for Bonds and Other Obligations) and 3874.160 (Development and Operating Agreement Required), the district may issue by public or private sale bonds, notes, or other obligations payable wholly or partly from ad valorem taxes, or by assessments in the manner provided by Subchapter A (Short Title), Chapter 372 (Improvement Districts in Municipalities and Counties), Local Government Code, or Subchapter J, Chapter 375 (Municipal Management Districts in General), Local Government Code.(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 any 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), Local Government Code, 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 system or improvement project revenue or from any other source.
Source:
Section 3874.157 — Bonds and Other Obligations, https://statutes.capitol.texas.gov/Docs/SD/htm/SD.3874.htm#3874.157 (accessed May 4, 2024).
