Tex.
Spec. Dist. Local Laws Code Section 9005.102
Authority to Issue Bonds
(a)
The district may issue bonds for the purpose of purchasing, constructing, acquiring, owning, operating, repairing, improving, enlarging, or extending any district works, improvements, facilities, plants, equipment, and appliances needed or useful to accomplish or carry out the purposes, powers, functions, or obligations of the district, including works, improvements, facilities, plants, equipment, and appliances needed to provide a waterworks system, sanitary sewer system, storm sewer system, or solid waste disposal system.(b)
To provide for the payment of bonds issued under this section, the district may:(1)
impose ad valorem taxes on all taxable property in the district;(2)
pledge all or any part of revenue available to the district from any source, including all or part of the revenue:(A)
resulting from the ownership or operation of the district’s works, improvements, facilities, plants, equipment, and appliances; or(B)
available under specific contracts for a period of time the district determines; or(3)
pledge any combination of the sources of taxes or revenue described by Subdivisions (1) and (2).(c)
Bonds secured by and payable solely from revenue under Subsection (b)(2):(1)
may be issued without an election; and(2)
are not subject to Section 49.181 (Authority of Commission over Issuance of District Bonds), Water Code.(d)
The district must hold an election in the manner provided by Chapters 49 (Provisions Applicable to All Districts) and 51 (Water Control and Improvement Districts), Water Code, to obtain voter approval before the district may impose an ad valorem tax or issue bonds payable from ad valorem taxes.(e)
The district may exercise any of the rights or powers granted to the governing body of an issuer under Chapter 1371 (Obligations for Certain Public Improvements), Government Code.(f)
This section is wholly sufficient authority for the issuance of bonds, the pledge of revenues, taxes, or any combination of revenues and taxes, and the performance of other acts and procedures authorized by this section by the district without reference to any other provision of law or any restriction or limitation contained in those provisions, except as specifically provided by this section.(g)
To the extent of any conflict or inconsistency between this section and any other law, this section controls.(h)
The district may use any law not in conflict with this section to the extent convenient or necessary to carry out any power or authority, express or implied, granted by this section.
Source:
Section 9005.102 — Authority to Issue Bonds, https://statutes.capitol.texas.gov/Docs/SD/htm/SD.9005.htm#9005.102 (accessed Apr. 29, 2024).
