Tex. Spec. Dist. Local Laws Code Section 3947.203
Borrowing Money; Obligations


(a)

The district may borrow money for a district purpose, including the acquisition or construction of improvement projects authorized by this chapter and the reimbursement of a person who develops or owns an improvement project authorized by this chapter, by issuing bonds, notes, time warrants, or other obligations, or by entering into a contract or other agreement payable wholly or partly from an assessment, a contract payment, a grant, revenue from a zone created under Chapter 311 (Tax Increment Financing Act) or 312 (Property Redevelopment and Tax Abatement Act), Tax Code, other district revenue, or a combination of these sources.

(b)

An obligation described by Subsection (a):

(1)

may bear interest at a rate determined by the board; and

(2)

may include a term or condition as determined by the board.

(c)

The board may issue an obligation under this section without an election.

(d)

The district may issue, by public or private sale, bonds, notes, or other obligations payable wholly or partly from assessments in the manner provided by Subchapter J (General Obligation and Revenue Bonds), Chapter 375 (Municipal Management Districts in General), Local Government Code.

(e)

If the improvements financed by an obligation will be conveyed to or operated and maintained by a municipality or retail utility provider pursuant to an agreement between the district and the municipality or retail utility provider entered into before the issuance of the obligation, the obligation may be issued in the manner provided by Subchapter A (Short Title), Chapter 372 (Improvement Districts in Municipalities and Counties), Local Government Code.
Added by Acts 2017, 85th Leg., R.S., Ch. 656 (S.B. 2244), Sec. 1, eff. June 12, 2017.

Source: Section 3947.203 — Borrowing Money; Obligations, https://statutes.­capitol.­texas.­gov/Docs/SD/htm/SD.­3947.­htm#3947.­203 (accessed Jun. 5, 2024).

3947.001
Definitions
3947.002
Creation and Nature of District
3947.003
Purpose
3947.004
Findings of Benefit and Public Purpose
3947.005
Initial District Territory
3947.006
Eligibility for Inclusion in Special Zones
3947.007
Confirmation and Directors’ Election Required
3947.008
Applicability of Municipal Management District Law
3947.009
Construction of Chapter
3947.010
Consent of Municipality Required
3947.011
Concurrence on Additional Powers
3947.051
Governing Body
3947.052
Board Meetings
3947.053
Removal of Directors
3947.054
Initial Directors
3947.101
General Powers and Duties
3947.102
Improvement Projects
3947.103
Water District Powers
3947.104
Authority for Road Projects
3947.105
Road Standards and Requirements
3947.106
No Toll Roads
3947.107
Public Improvement District Powers
3947.108
Contract Powers
3947.109
Ad Valorem Taxation
3947.110
Limitations on Emergency Services Powers
3947.111
Adding or Removing Territory
3947.112
Division of District
3947.113
Enforcement of Real Property Restrictions
3947.114
Property of Certain Utilities Exempt from Assessments and Fees
3947.115
No Eminent Domain Power
3947.151
Improvement Projects and Services
3947.152
Board Determination Required
3947.153
Location of Improvement Project
3947.154
City Requirements
3947.155
Improvement Project and Service in Definable Area
3947.201
Disbursements and Transfers of Money
3947.202
Money Used for Improvements or Services
3947.203
Borrowing Money
3947.204
Assessments
3947.205
Residential Property Not Exempt
3947.206
Collection of Assessments
3947.207
Rates, Fees, and Charges
3947.251
Dissolution by Board
3947.252
Dissolution by City
3947.253
Collection of Assessments and Other Revenue
3947.254
Assumption of Assets and Liabilities

Accessed:
Jun. 5, 2024

§ 3947.203’s source at texas​.gov