Sec. 8282.254. OBLIGATIONS. (a) In this section, "obligation" means a bond, note, lease-purchase agreement, or installment sale obligation of the district.
(b) The principal amount of the district's obligations that are payable from assessments imposed by the district may be in an amount that does not exceed the aggregate appraised value of the property in the district, as established by an independent appraisal by a member of the Appraisal Institute.
(c) The appraised value of the property in the district established for ad valorem tax purposes does not limit the principal amount of the obligations that may be issued by the district under Subsection (b).
(d) The city is not required to pay the principal of and interest on an obligation issued by the district.
Added by Acts 2009, 81st Leg., R.S., Ch. 1139 (H.B. 2619), Sec. 1.04, eff. April 1, 2011.
Section: Previous 8282.159 8282.160 8282.161 8282.162 8282.163 8282.164 8282.201 8282.202 8282.203 8282.204 8282.205 8282.206 8282.251 8282.252 8282.253Last modified: September 28, 2016