Sec. 8157.201. AUTHORITY TO ISSUE BONDS AND OTHER OBLIGATIONS. (a) The district may issue bonds or other obligations as provided by Chapters 49 and 54, Water Code, to finance the construction, maintenance, or operation of projects under Sections 8157.101 and 8157.102.
(b) The district may not issue bonds to finance projects authorized by Section 8157.102 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.
(c) Bonds or other obligations issued or incurred to finance projects authorized by Section 8157.102 may not exceed one-fourth of the assessed value of the real property in the district.
(d) Sections 49.181 and 49.182, Water Code, do not apply to a project undertaken by the district under Section 8157.102 or to bonds issued by the district to finance the project.
Added by Acts 2005, 79th Leg., Ch. 465 (S.B. 1888), Sec. 1, eff. September 1, 2005.
Section: Previous 8157.001 8157.002 8157.003 8157.004 8157.051 8157.052 8157.101 8157.102 8157.103 8157.151Last modified: September 28, 2016