Sec. 8176.151. AUTHORITY TO ISSUE BONDS FOR ROAD PROJECTS. (a) The district may issue bonds or other obligations as provided by Chapters 49 and 54, Water Code, to finance the construction, maintenance, or operation of projects under Section 8176.051.
(b) The district may not issue bonds or other obligations secured wholly or partly by ad valorem taxation to finance projects authorized by Section 8176.051 unless the issuance is approved by a vote of a two-thirds majority of the voters in the district or of the defined areas to be benefited by the project as provided by Subchapter J, Chapter 54, Water Code, voting at an election called for that purpose. The simple majority vote approval required by Section 54.808(a), Water Code, does not apply to an election under this subsection.
(c) Bonds or other obligations issued or incurred to finance projects authorized by Section 8176.051 may not exceed one-fourth of the assessed value of the real property in the district or the defined area, as applicable.
Added by Acts 2007, 80th Leg., R.S., Ch. 517 (S.B. 683), Sec. 1, eff. September 1, 2007.
Section: Previous 8176.001 8176.002 8176.003 8176.051 8176.052 8176.101Last modified: September 28, 2016