Sec. 3812.158. OBLIGATIONS; APPROVAL BY CITY OF HOUSTON. (a) The district may issue bonds or other obligations payable in whole or in part from ad valorem taxes, assessments, impact fees, revenue, grants, or other money of the district, or any combination of those sources of money, to pay for any authorized purpose of the district.
(b) In exercising the district's borrowing power, the district may issue a bond or other obligation in the form of a bond, note, certificate of participation or other instrument evidencing a proportionate interest in payments to be made by the district, or other type of obligation.
(c) Except as provided by Subsection (d), the district must obtain the approval of the City of Houston:
(1) for the issuance of a bond for each improvement project;
(2) of the plans and specifications of the improvement project to be financed by the bond; and
(3) of the plans and specifications of a district improvement project related to:
(A) the use of land owned by the City of Houston;
(B) an easement granted by the City of Houston; or
(C) a right-of-way of a street, road, or highway.
(d) If the district obtains the approval of the City of Houston of a capital improvements budget for a specified period not to exceed five years, the district may finance the capital improvements and issue bonds specified in the budget without further approval from the City of Houston.
Acts 2003, 78th Leg., ch. 1277, Sec. 1, eff. April 1, 2005.
Section: Previous 3812.051 3812.052 3812.101 3812.102 3812.103 3812.104 3812.151 3812.152 3812.153 3812.154 3812.155 3812.156 3812.157 3812.158 3812.159 NextLast modified: September 28, 2016