Texas Special District Local Laws Code § 3887.157 Bonds And Other Obligations; Municipal Approval

Sec. 3887.157. BONDS AND OTHER OBLIGATIONS; MUNICIPAL APPROVAL. (a) Subject to the requirements of Sections 3887.159 and 3887.160, the district by competitive bid or negotiated sale may issue bonds, notes, or other obligations payable wholly or partly from ad valorem taxes or from assessments in the manner provided by Subchapter A, Chapter 372, or Subchapter J, Chapter 375, Local Government Code.

(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 any other type of obligation.

(c) In addition to the sources of money described by Subchapter A, Chapter 372, and Subchapter J, Chapter 375, Local Government Code, district bonds may be secured and made payable, wholly or partly, by a pledge of any part of the money the district receives from system or improvement revenues or from any other source.

Added by Acts 2009, 81st Leg., R.S., Ch. 1078 (H.B. 4755), Sec. 1, eff. June 19, 2009.

Section: Previous  3887.106  3887.107  3887.108  3887.109  3887.110  3887.151  3887.152  3887.153  3887.154  3887.155  3887.156  3887.157  3887.158  3887.159  3887.160  Next

Last modified: September 28, 2016