Sec. 3920.205. AUTHORITY TO BORROW MONEY AND TO ISSUE BONDS AND OTHER OBLIGATIONS. (a) The district may borrow money on terms determined by the board. Section 375.205, Local Government Code, does not apply to a loan, line of credit, or other borrowing from a bank or financial institution secured by revenue other than ad valorem taxes.
(b) The district may issue bonds, notes, or other obligations payable wholly or partly from ad valorem taxes, assessments, impact fees, revenue, contract payments, grants, or other district money, or any combination of those sources of money, to pay for any authorized district purpose.
Added by Acts 2013, 83rd Leg., R.S., Ch. 831 (S.B. 1878), Sec. 1, eff. June 14, 2013.
Section: Previous 3920.108 3920.109 3920.110 3920.111 3920.151 3920.152 3920.153 3920.154 3920.155 3920.156 3920.201 3920.202 3920.203 3920.204 3920.205Last modified: September 28, 2016