Tex. Spec. Dist. Local Laws Code Section 3887.157
Bonds and Other Obligations; Municipal Approval


(a)

Subject to the requirements of Sections 3887.159 (Taxes for Bonds and Other Obligations) and 3887.160 (Development and Operating Agreement Required to Undertake Improvement Projects, Impose Taxes or Assessments, and Borrow Money, Including Bonds), the district by competitive bid or negotiated sale may issue bonds, notes, or other obligations payable wholly or partly from ad valorem taxes or from 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.

(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), 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 revenues or from any other source.
Added by Acts 2009, 81st Leg., R.S., Ch. 1078 (H.B. 4755), Sec. 1, eff. June 19, 2009.

Source: Section 3887.157 — Bonds and Other Obligations; Municipal Approval, https://statutes.­capitol.­texas.­gov/Docs/SD/htm/SD.­3887.­htm#3887.­157 (accessed May 4, 2024).

Accessed:
May 4, 2024

§ 3887.157’s source at texas​.gov