Tex. Spec. Dist. Local Laws Code Section 3934.204
Authority to Borrow Money and to Issue Bonds and Other Obligations

(a)

The district may borrow money on terms determined by the board. Section 375.205 (Approval by Attorney General; Registration), Local Government Code, does not apply to a loan, line of credit, or other borrowing from a bank or financial institution secured by revenue other than ad valorem taxes.

(b)

The district may issue bonds, notes, or other obligations payable wholly or partly from ad valorem taxes, assessments, impact fees, revenue, contract payments, grants, or other district money, or any combination of those sources of money, to pay for any authorized district purpose. The district may pledge ad valorem taxes to bonds, notes, or other obligations only as authorized by the Texas Constitution.

(c)

The limitation on the outstanding principal amount of bonds, notes, and other obligations provided by Section 49.4645 (District in Certain Counties: Bonds for Recreational Facilities), Water Code, does not apply to the district.
Added by Acts 2015, 84th Leg., R.S., Ch. 888 (H.B. 4192), Sec. 1, eff. June 18, 2015.

Source: Section 3934.204 — Authority to Borrow Money and to Issue Bonds and Other Obligations, https://statutes.­capitol.­texas.­gov/Docs/SD/htm/SD.­3934.­htm#3934.­204 (accessed Jun. 5, 2024).

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Accessed:
Jun. 5, 2024

§ 3934.204’s source at texas​.gov