Sec. 7804.101. AUTHORITY TO ISSUE BONDS AND OTHER OBLIGATIONS FOR ROAD PROJECTS. (a) The district may issue bonds or other obligations payable wholly or partly from ad valorem taxes, impact fees, revenue, grants, or other district money, or any combination of those sources, to pay for road projects under Section 7804.052.
(b) The district may not issue bonds payable from ad valorem taxes to finance a road project unless the issuance is approved by a vote of a two-thirds majority of district voters voting at an election held for that purpose.
(c) The total principal amount of bonds, notes, or other obligations issued or incurred to finance the road projects may not exceed one-fourth of the assessed value of the real property in the district according to the most recent certified appraisal roll for Fort Bend County.
Added by Acts 2007, 80th Leg., R.S., Ch. 194 (S.B. 1978), Sec. 1, eff. May 23, 2007.
Section: Previous 7804.001 7804.002 7804.003 7804.051 7804.052Last modified: September 28, 2016