Tex. Spec. Dist. Local Laws Code Section 8261.151
Authority to Issue Bonds and Other Obligations

(a)

The district may issue bonds or other obligations as provided by Chapters 49 (Provisions Applicable to All Districts) and 51 (Water Control and Improvement Districts), Water Code, to finance the construction, maintenance, or operation of a project under Section 8261.051 (Road Projects).

(b)

The district may not issue bonds or other obligations to finance projects authorized by Section 8261.051 (Road Projects) unless the issuance is approved by a vote of a two-thirds majority of the district voters, or a two-thirds majority of voters in a defined area that will benefit from 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 8261.051 (Road Projects) may not exceed one-fourth of the assessed value of the real property in the district or the defined area, if applicable.
Added by Acts 2007, 80th Leg., R.S., Ch. 1140 (H.B. 4104), Sec. 1, eff. September 1, 2007.
Amended by:
Acts 2019, 86th Leg., R.S., Ch. 1128 (H.B. 2590), Sec. 21, eff. September 1, 2019.

Source: Section 8261.151 — Authority to Issue Bonds and Other Obligations, https://statutes.­capitol.­texas.­gov/Docs/SD/htm/SD.­8261.­htm#8261.­151 (accessed Apr. 20, 2024).

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Accessed:
Apr. 20, 2024

§ 8261.151’s source at texas​.gov