Sec. 7803.259. BONDS; GENERAL PROVISIONS. (a) After a separately defined area is annexed, the board may issue tax bonds clearly entitled by the designation of the defined area to acquire money to carry out any district power or accomplish any district purpose under this chapter for improvements to or for the defined area.
(b) The board may impose continuing direct annual ad valorem taxes on all taxable property located solely in the separately defined area sufficient to:
(1) provide for the payment of interest on bonds issued under this section as the interest accrues; and
(2) create and provide a sinking fund for the payment of principal of the bonds as the bonds mature.
(c) The issuance of bonds under this section may be authorized by a board order.
(d) The district may not issue bonds, other than refunding bonds, unless the bonds are authorized by a majority vote of the voters residing in the separately defined area voting in an election held to determine whether the bonds should be issued and whether a tax should be imposed on property in the defined area to pay the principal of and interest on the bonds. The election must be held in the manner provided by Sections 7803.113 and 7803.204.
(e) The initial bond election for a separately defined area may be held on the same day as the election to ratify annexation of the defined area and as part of the order calling the ratification election.
(f) Subchapter E applies to any bonds issued to provide improvements to or for any separately defined area in a manner consistent with this section.
Added by Acts 2013, 83rd Leg., R.S., Ch. 112 (S.B. 1026), Sec. 1.02, eff. April 1, 2015.
Section: Previous 7803.203 7803.204 7803.205 7803.206 7803.207 7803.208 7803.251 7803.252 7803.253 7803.254 7803.255 7803.256 7803.257 7803.258 7803.259Last modified: September 28, 2016