Tex.
Spec. Dist. Local Laws Code Section 8130.151
Authority to Issue Bonds for Road Projects
(a)
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 8130.051 (Road Projects).(b)
The district may not issue bonds or other obligations secured in whole or in part by ad valorem taxation to finance projects authorized by Section 8130.051 (Road Projects) unless the issuance is approved by a vote of a two-thirds majority of the voters of the district or of the defined area to be benefited by the project as provided by Subchapter J (Authority to Establish Defined Areas or Designated Property), Chapter 54 (Municipal Utility Districts), Water Code, voting at an election called for that purpose.(c)
Bonds or other obligations issued or incurred to finance projects authorized by Section 8130.051 (Road Projects) may not exceed one-fourth of the assessed value of the real property in the district or the defined area, as applicable.(d)
Sections 49.181 (Authority of Commission over Issuance of District Bonds), 49.182 (Commission Supervision of Projects and Improvements), and 50.107 (Authority of Commission over Issuance of District Bonds), Water Code, do not apply to a project undertaken by the district under Section 8130.051 (Road Projects) or to bonds issued by the district to finance the project.
Source:
Section 8130.151 — Authority to Issue Bonds for Road Projects, https://statutes.capitol.texas.gov/Docs/SD/htm/SD.8130.htm#8130.151 (accessed Apr. 20, 2024).
