Sec. 3931.204. 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.
(c) The limitation on the outstanding principal amount of bonds, notes, and other obligations provided by Section 49.4645, Water Code, does not apply to the district.
Added by Acts 2015, 84th Leg., R.S., Ch. 878 (H.B. 4147), Sec. 1, eff. June 18, 2015.Section: Previous 3931.107 3931.108 3931.109 3931.110 3931.111 3931.112 3931.151 3931.152 3931.153 3931.154 3931.201 3931.202 3931.203 3931.204 3931.205 Next
Last modified: September 28, 2016