Sec. 3922.204. 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. 816 (S.B. 1828), Sec. 1, eff. June 14, 2013.Section: Previous 3922.109 3922.110 3922.111 3922.151 3922.152 3922.153 3922.154 3922.155 3922.156 3922.157 3922.201 3922.202 3922.203 3922.204 3922.205 Next
Last modified: September 28, 2016