Tex.
Spec. Dist. Local Laws Code Section 8110.151
Authority to Issue Bonds and Other Obligations
(a)
In addition to the general authority to issue bonds under Chapters 49 (Provisions Applicable to All Districts) and 54 (Municipal Utility Districts), Water Code, the district may issue bonds or other obligations as provided by Chapters 49 (Provisions Applicable to All Districts) and 54 (Municipal Utility Districts), Water Code, to finance the construction, maintenance, or operation of projects under Section 8110.052 (Road Projects).(b)
The district may issue bonds or other obligations payable wholly or partly from ad valorem taxes, impact fees, revenue, grants, or other district money or any combination of those sources.(c)
The district may not issue bonds or other obligations secured wholly or partly by ad valorem taxation to finance projects authorized by Section 8110.052 (Road Projects) unless the issuance is approved by a vote of a two-thirds majority of the voters of the district voting at an election called for that purpose.(d)
Bonds or other obligations issued or incurred to finance projects authorized by Section 8110.052 (Road Projects) may not exceed one-fourth of the assessed value of the real property in the district.(e)
Sections 49.181 (Authority of Commission over Issuance of District Bonds) and 49.182 (Commission Supervision of Projects and Improvements), Water Code, do not apply to a project undertaken by the district under Section 8110.052 (Road Projects) or to bonds issued by the district to finance the project.
Source:
Section 8110.151 — Authority to Issue Bonds and Other Obligations, https://statutes.capitol.texas.gov/Docs/SD/htm/SD.8110.htm#8110.151 (accessed Jun. 5, 2024).
