Sec. 8247.201. AUTHORITY TO ISSUE BONDS AND OTHER OBLIGATIONS. (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 any authorized district purpose.
(b) The district may not issue bonds to finance projects authorized by Section 8247.102 unless the issuance is approved by a vote of a two-thirds majority of the voters of the district voting at an election called for that purpose.
(c) Bonds or other obligations issued or incurred to finance projects authorized by Section 8247.102 may not exceed one-fourth of the assessed value of the real property in the district.
Added by Acts 2007, 80th Leg., R.S., Ch. 196 (S.B. 1982), Sec. 1, eff. May 23, 2007.
Section: Previous 8247.001 8247.002 8247.003 8247.004 8247.005 8247.051 8247.052 8247.101 8247.102 8247.103 8247.104 8247.151 8247.152 8247.201Last modified: September 28, 2016