Sec. 8429.101. 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, contract payments, grants, or other district money, or any combination of those sources, to pay for a road project authorized by Section 8429.053.
(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 the district voters voting at an election held for that purpose.
(c) At the time of issuance, the total principal amount of bonds or other obligations issued or incurred to finance road projects and payable from ad valorem taxes may not exceed one-fourth of the assessed value of real property in the district.
Added by Acts 2013, 83rd Leg., R.S., Ch. 439 (S.B. 703), Sec. 1, eff. June 14, 2013.
Section: Previous 8429.001 8429.002 8429.003 8429.051 8429.052 8429.053 8429.054 8429.101Last modified: September 28, 2016