Sec. 8158.201. 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 8158.101 and 8158.102.
(b) The district may not issue bonds to finance projects authorized by Section 8158.102 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 8158.102 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 8158.102 or to bonds issued by the district to finance the project.
Added by Acts 2005, 79th Leg., Ch. 466 (S.B. 1889), Sec. 1, eff. September 1, 2005.
Section: Previous 8158.001 8158.002 8158.003 8158.004 8158.051 8158.052 8158.101 8158.102 8158.103 8158.151Last modified: September 28, 2016