Sec. 51.455. ISSUANCE OF REVENUE BONDS TO CONSTRUCT EXTENSIONS AND IMPROVEMENTS TO CERTAIN SYSTEMS. (a) A district which has adopted a plan for improvements designed to furnish a water and sewer system may also issue its revenue bonds as provided in Section 51.450(b)(2) of this code to construct extensions and improvements to the water and sewer system or to an irrigation system.
(b) The district may pay the revenue bonds by entering into contracts to pledge the net revenue derived from the sale of water for irrigation purposes and service charges obtained from the sale and distribution of water for irrigation purposes.
(c) The bonds may be issued in one or more issues under the terms and conditions considered by the board to be advisable.
Acts 1971, 62nd Leg., p. 349, ch. 58, Sec. 1, eff. Aug. 30, 1971.
Last modified: September 28, 2016