Sec. 3932.204. 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. 983 (H.B. 4156), Sec. 1, eff. June 19, 2015.
Section: Previous 3932.107 3932.108 3932.109 3932.110 3932.111 3932.112 3932.151 3932.152 3932.153 3932.154 3932.201 3932.202 3932.203 3932.204 3932.205 NextLast modified: September 28, 2016