Texas Special District Local Laws Code § 3926.253 Borrowing Money; Obligations

Sec. 3926.253. BORROWING MONEY; OBLIGATIONS. (a) Subject to the terms of the development and operating agreement required under Section 3926.156, the district may borrow money for a district purpose, including the acquisition or construction of improvement projects authorized by this chapter and the reimbursement of a person who develops or owns an improvement project authorized by this chapter, by issuing bonds, notes, time warrants, or other obligations, or by entering into a contract or other agreement payable wholly or partly from an assessment, a contract payment, a grant, revenue from a zone created under Chapter 311 or 312, Tax Code, other district revenue, or a combination of these sources.

(b) An obligation described by Subsection (a):

(1) may bear interest at a rate determined by the board; and

(2) may include a term or condition as determined by the board.

(c) The board may issue an obligation under this section without an election.

Added by Acts 2015, 84th Leg., R.S., Ch. 977 (H.B. 3603), Sec. 1, eff. September 1, 2015.

Section: Previous  3926.201  3926.202  3926.203  3926.204  3926.205  3926.251  3926.252  3926.253  3926.254  3926.255  3926.256  3926.257  3926.301  3926.302  3926.303  Next

Last modified: September 28, 2016