Sec. 3838.207. BONDS AND OTHER OBLIGATIONS. (a) The district may issue bonds or other obligations, by competitive bid or negotiated sale, payable wholly or partly from taxes, assessments, impact fees, revenue, grants, or other money of the district, including economic development funds contributed to the district by the municipality or by an economic development corporation, or any combination of those sources of money, to pay for any authorized purpose of the district.
(b) In exercising the district's power to borrow, 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. The term of a bond issued under this chapter may not exceed 40 years from the date of issuance.
Added by Acts 2005, 79th Leg., Ch. 444 (S.B. 1813), Sec. 1, eff. June 17, 2005.Section: Previous 3838.153 3838.201 3838.202 3838.203 3838.204 3838.205 3838.206 3838.207 3838.208 3838.209 3838.210 3838.211 3838.251 3838.252 3838.253 Next
Last modified: September 28, 2016