Tex. Spec. Dist. Local Laws Code Section 3994.0503
Authority to Borrow Money and to Issue Bonds and Other Obligations

(a)

The district may borrow money on terms determined by the board.

(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.

(c)

The limitation on the outstanding principal amount of bonds, notes, or 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 2021, 87th Leg., R.S., Ch. 989 (H.B. 4628), Sec. 1, eff. June 18, 2021.

Source: Section 3994.0503 — Authority to Borrow Money and to Issue Bonds and Other Obligations, https://statutes.capitol.texas.gov/Docs/SD/htm/SD.3994.htm#3994.0503 (accessed Jun. 5, 2024).

3994.0101
Definitions 3994.0102
Nature of District 3994.0103
Purpose 3994.0104
Findings of Benefit and Public Purpose 3994.0105
Initial District Territory 3994.0106
Eligibility for Inclusion in Special Zones 3994.0107
Applicability of Municipal Management Districts Law 3994.0108
Construction of Chapter 3994.0201
Governing Body 3994.0202
Compensation 3994.0203
Initial Directors 3994.0301
General Powers and Duties 3994.0302
Improvement Projects and Services 3994.0303
Nonprofit Corporation 3994.0304
Law Enforcement Services 3994.0305
Membership in Charitable Organizations 3994.0306
Economic Development Programs 3994.0307
Parking Facilities 3994.0308
Adding or Excluding Land 3994.0309
Disbursements and Transfers of Money 3994.0310
No Eminent Domain Power 3994.0311
Division of District 3994.0401
Petition Required for Financing Services and Improvements with Assessments 3994.0402
Assessments 3994.0501
Tax Election Required 3994.0502
Operation and Maintenance Tax 3994.0503
Authority to Borrow Money and to Issue Bonds and Other Obligations 3994.0504
Bonds Secured by Revenue or Contract Payments 3994.0505
Bonds Secured by Ad Valorem Taxes 3994.0506
Consent of Municipality and Development Agreement Required 3994.0901
Dissolution

Accessed:
Jun. 5, 2024

§ 3994.0503’s source at texas.gov

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Location: https://texas.public.law/statutes/tex._spec._dist._local_laws_code_section_3994.0503

Original Source: Section 3994.0503 — Authority to Borrow Money and to Issue Bonds and Other Obligations, https://statutes.capitol.texas.gov/Docs/SD/htm/SD.3994.htm#3994.0503 (last accessed Jun. 5, 2024).