Tex. Spec. Dist. Local Laws Code Section 3960.204
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.

Added by Acts 2017, 85th Leg., R.S., Ch. 634 (H.B. 4315), Sec. 1, eff. June 12, 2017.

Source: Section 3960.204 — Authority to Borrow Money and to Issue Bonds and Other Obligations, https://statutes.capitol.texas.gov/Docs/SD/htm/SD.3960.htm#3960.204 (accessed Apr. 29, 2024).

3960.001
Definitions 3960.002
Nature of District 3960.003
Purpose 3960.004
Findings of Benefit and Public Purpose 3960.005
Initial District Territory 3960.006
Eligibility for Inclusion in Special Zones 3960.007
Applicability of Municipal Management Districts Law 3960.008
Construction of Chapter 3960.051
Governing Body 3960.052
Appointment of Voting Directors 3960.053
Nonvoting Directors 3960.054
Quorum 3960.055
Compensation 3960.056
Initial Voting Directors 3960.101
General Powers and Duties 3960.102
Improvement Projects and Services 3960.103
Development Corporation Powers 3960.104
Nonprofit Corporation 3960.105
Agreements 3960.106
Law Enforcement Services 3960.107
Membership in Charitable Organizations 3960.108
Economic Development 3960.109
Parking Facilities 3960.110
Annexation of Land 3960.111
Approval by City 3960.112
No Eminent Domain Power 3960.151
Disbursements and Transfers of Money 3960.152
Money Used for Improvements or Services 3960.153
Petition Required for Financing Services and Improvements with Assessments 3960.154
Assessments 3960.155
Tax and Assessment Abatements 3960.201
Elections Regarding Taxes and Bonds 3960.202
Operation and Maintenance Tax 3960.203
Contract Taxes 3960.204
Authority to Borrow Money and to Issue Bonds and Other Obligations 3960.205
Taxes for Bonds 3960.206
City Not Required to Pay District Obligations

Accessed:
Apr. 29, 2024

§ 3960.204’s source at texas.gov

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Location: https://texas.public.law/statutes/tex._spec._dist._local_laws_code_section_3960.204

Original Source: Section 3960.204 — Authority to Borrow Money and to Issue Bonds and Other Obligations, https://statutes.capitol.texas.gov/Docs/SD/htm/SD.3960.htm#3960.204 (last accessed Apr. 29, 2024).