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Texas Special District Local Laws Code - Section 1002.303. General Obligation Bond Election

Legal Research Home > Texas Lawyer > Special District Local Laws Code > Texas Special District Local Laws Code - Section 1002.303. General Obligation Bond Election

§ 1002.303. GENERAL OBLIGATION BOND ELECTION.  (a) The 
district may issue general obligation bonds only if the bonds are 
authorized by a majority of the voters voting in an election held 
for that purpose.
	(b)  The board may call the election on its own motion.  The 
order calling the election must specify:
		(1)  the date of the election;                                                
		(2)  the place or places where the election will be 
held;                   
		(3)  the names of the presiding election officers;                            
		(4)  the purpose for which the bonds are to be issued;                        
		(5)  the amount of the bonds;                                                 
		(6)  the maximum interest rate of the bonds;  and                             
		(7)  the maximum maturity of the bonds, which may not 
exceed 40 years from the date of issuance.
	(c)  Notice of a bond election shall be given by publishing a 
substantial copy of the order calling the election in a newspaper of 
general circulation in the district as provided by Section 
4.003(a)(1), Election Code.

Acts 2003, 78th Leg., ch. 1277, § 1, eff. April 1, 2005.                   

Last modified: August 10, 2007